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Introduction to Account Dormancy

An account is categorised as a dormant account when the customer hasn't initiated a transaction for a continuous period of 15 years.

After becoming dormant, on 30th September, the holder of a dormant account is notified that the account should be brought back to active status on or before the 31st March. Failing to do so, the account will be closed by transferring the account balance to the Government agency designated for this purpose: NTMA (National Treasury Management Agency) on the 1st of April.

With the introduction of the account dormancy functionality, Temenos Transact becomes capable of handling and tracking the dormant accounts from the date of transferring the funds to a government agency, till its claim with the NTMA, settlement and closure.

So, a dormant account with a balance of €100 and above is picked up on the 30th of September and a notification is sent to its customer. If the customer does not turn up till the 31st of March of the subsequent financial year (within six months), then the funds in that dormant account are transferred to NTMA, a government agency designated for this purpose.

On a later date, if the customer of the dormant account approaches the bank, a claim for the amount transferred to NTMA is prepared along with eligible interest, tax etc. and is sent to NTMA. Upon receiving the settlement amount from NTMA, the amount is paid to the customer either through a cheque or through a transfer to another of the customer's accounts . The dormant accounts is then closed upon settlement.

Click here to understand the terms and abbreviations used in this functionality.