Dormant account owners won’t lose their funds-BoG assures

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    The Bank of Ghana has assured that dormant account holders whose accounts are transferred to it will not lose their funds.

    This was contained in a statement by the Central Bank in reaction to social media claims that dormant account holders will lose their funds if the accounts are transferred to it after a period of inactivity.

    A few months ago, the Central Bank issued a directive on unclaimed balances and dormant accounts for Banks and Specialized deposit-taking institutions(SDIs).

    The BoGs directive on unclaimed balances & dormant accounts for banks and specialized deposit-taking institutions which is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016, explained that a dormant account could be a current or savings account with credit balances and their derivatives with no ‘customer-initiated activity’ by the account holder or a third party on the account holder’s behalf for several years.

    However, claims on social media indicated that customers needed to reactivate their dormant accounts as soon as possible or lose their funds when their dormant accounts are transferred to the Central Bank.

    In a statement issued by the Bank of Ghana on July 10, 2021, and signed by Ms. Sandra Thompson, the BoG indicated that no one whose dormant account is transferred to it will lose their funds.

    “Customers whose dormant accounts are transferred to the Bank of Ghana do not lose such funds. They or their legal representatives can make claims for the funds by presenting all relevant documentation.”

    The statement added that identification and claiming of funds at the Bank of Ghana is not a tedious process.

    Customers whose accounts fall in this category are encouraged to contact their bankers to reactivate the accounts. As a proactive measure, the Bank of Ghana’s Directive urges banks and SDIs to contact customers whose accounts are dormant to reactivate such accounts.

    For additional protection of accounts that have remained dormant for a minimum of five years, funds in such accounts will be transferred to the Bank of Ghana by banks and SDIs after the newspaper publication.

    The statement ends by indicating that the BoG will publish on their website, accounts that remain dormant for five years.

    “Please note that as part of the Directive, banks and SDIs will publish accounts that remain dormant for five (5) years on their websites and in two (2) daily newspapers as a means of notifying account holders who may not have reactivated their accounts,” it concluded.