They confirmed that customers have the right to claim any amounts that were in the account

Two bankers: “Dormant accounts” can be reactivated without fees

The two bankers called for careful handling of their bank accounts.

Photography: Patrick Castillo

Two bankers said that customers who own bank accounts that have been classified as “dormant” may apply to their banks again to reactivate them without imposing any fees, as well as claim any amounts that were in the account as well as the accrued interest on it if it is a deposit account.

They told «Emirates Today» that the central bank asked banks to put accounts that have no movement under surveillance, especially if they contain funds, so as not to be misused.

This came in response to inquiries received by "Emirates Today" from dealers about accounts that they left and traveled and then returned after several years, and found that they were classified as "dormant" and no transactions can be made on them or withdraw the amounts in them.

annual review

In detail, the banker, Mustafa Ahmed, said that the banks conduct an annual review of all the accounts they have to ask customers to update their data and ensure their presence within the country, explaining that if five years pass on a bank account without its owner doing any transactions on it, it is classified according to the Central Bank system as “dormant.” “The customer is then addressed at the last address available with the bank, and then waits for a period of three months to receive a response, after which the bank balances in the account are transferred to the Central Bank to be kept under the item of dormant balances.

Ahmed added: “If the customer who returned again to the state believes that there was money in his account, he can go to the bank, present a valid Emirates ID document, and demand to reactivate the account without fees, as well as claim the money that was in it according to easy and convenient procedures that take place even if the money is transferred. to the Central Bank.

control

For her part, banking expert Sheikha Al-Ali said that the Central Bank asked banks to put accounts that have no movement under surveillance, especially if they contain funds, so as not to be misused, as well as sending periodic lists of the number and names of unused account holders.

Al-Ali indicated that there is a difference between closing the account and categorizing it as “dormant”, as in the first case, communication is made with its owner and find out where he is, and when there is no response, the account is closed after a period of time being charged with the bank in terms of ensuring its security and protecting it from any penetration or exploitation.

And she added that in the second case, in which the accounts are classified as “dormant”, the bank does not know a way to communicate with their owners, and usually there are amounts or deposits that require interest and others, explaining that in this case, the banks, in coordination with the Central Bank, protect these accounts until their owners appear in person. or their heirs, as this applies to safe deposit boxes.

interest

Al-Ali stressed that customers are required to deal with care and attention with their bank accounts, whether they are inside the country or decide to travel, as they must visit the nearest branch before traveling to settle those accounts and withdraw the money in them, or inform the bank of the new address for correspondence.

She said: "The elderly must share their banking information with one or more people they trust, because most of the dormant accounts belong to this category and contain bank balances that no one knows about, and in the event of their death, the heirs do not know about them until after a long time."

Al-Ali clarified that if the customer wishes to activate a dormant account, the bank may, according to the Central Bank system, allow him to do so without any fees as long as he has valid identification documents.

Mustafa Ahmad:

• “If 5 years have passed since the account has not been dealt with, it will be classified as (dormant).”

Sheikha Al-Ali:

• “The (Central) asked the banks to put the accounts on which there is no movement under supervision.”

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