What is a dormant account and what should you do?

What is a dormant account?

According to the Law of 24 July 2008, an account is considered dormant (inactive) if no transactions have been made and the customer has not contacted the bank in the past 5 years.

In this case, the bank is required to search for the account holder (dormant/inactive customer) and management fees will be charged.

If there is no response, the bank is obliged to transfer the dormant assets to the Deposit and Consignment Office.

For more information, please visit the dedicated FPS Finance website.

How can you recover your dormant assets from the Deposit and Consignment Office?

Follow these steps to reactivate a dormant (inactive) account.

For more information, please consult the dedicated FPS Finance website for dormant accounts/assets.

What should you do if the bank contacts you about a dormant account?

To reactivate a dormant account, you have two options:

• Return the reply form attached to this letter to the bank’s head office.
• Make an appointment at the branch of your choice or with your agent.

If you do not respond, the bank will be obliged to transfer the dormant assets to the Deposit and Consignment Office.

How can you find out if you have a dormant account?

If you think you have dormant assets, you can check this by searching the dormant account/asset registers on the MyMinfin platform or by following these steps.

For more information, please visit the FPS Finance website dedicated to dormant accounts.