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Dormant Bank Accounts

  • 26-05-2011 12:47pm
    #1
    Smashhits
    Registered Users, Registered Users 2 Posts: 124 ✭✭


    Hi All,
    Just went my local Bank of Ireland to lodge money to an account where i was informed that the account was dormant. I asked how long this was the case and was told that if there is no activity (deposits/withdrawals) in 3 years that the account becomes dormant. I checked online on ibf.ie and it states on that website that it's 15 years without activity.
    This is a childs account so wouldn't have the same amount of activity as other accounts.
    Basically my question is has anyone ever come across this and how easy was it to retrieve funds from the account? I'm hoping to close this account and open a new account in another institution.


Comments

  • #2
    sarahlulu
    Registered Users, Registered Users 2 Posts: 295 ✭✭sarahlulu


    Smashhits wrote: »
    Hi All,
    Just went my local Bank of Ireland to lodge money to an account where i was informed that the account was dormant. I asked how long this was the case and was told that if there is no activity (deposits/withdrawals) in 3 years that the account becomes dormant. I checked online on ibf.ie and it states on that website that it's 15 years without activity.
    This is a childs account so wouldn't have the same amount of activity as other accounts.
    Basically my question is has anyone ever come across this and how easy was it to retrieve funds from the account? I'm hoping to close this account and open a new account in another institution.


    An account becomes dormant after three years. If there is no activity on the account after 15 years it is then transferred to the NTMA and must be claimed back. There will be no problem closing the the account, you will just need to bring some id to the branch where you hold the account


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