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5.2.2 Dormant Accounts

No: 65681/67 Date(g): 3/7/2019 | Date(h): 1/11/1440 Status: Modified
This rule has been amended according to the circular No. (44071426), Dated 07/09/1444H, corresponding to 28/03/2023G. Please refer to the Arabic version of this rule to read the last updated version.

Accounts shall be considered dormant after completing (24) calendar months from the date of the last recorded financial transaction (withdrawal or deposit, depending on the nature of the relationship) carried out by the customer, his/her authorized representative, or his/her heirs, or the last reliable and documented correspondence.

Requirements for dealing with dormant accounts:

-Activation of dormant accounts shall be subject to double supervision with higher authority, one of which includes the branch manager or the branch operation manager.
 
-Withdrawal and transfer transactions on a dormant account shall only be accepted in the presence of the customer (natural person), the customer’s legal agent holding a deed allowing him/her to operate the account, the agent of the customer’s heirs or the person authorized to operate the account if the account is for a juristic person. As an exception, fax number or e-mail address registered in the bank records shall be accepted. In addition, carrying out financial transactions using electronic services, such as online services and phone banking, shall also be accepted. The status of the account and the nature of the executed transaction shall be clear to the customer.
 
-Dormant accounts shall be allowed to accept all deposits, domestic and international transfers and dividends made by another person other than the account holder. The account status shall not be changed from dormant to active due to carrying out such transactions.
 
-This shall be applied to all customers, including those who have other active accounts. Banks are required to contact customers and inform them of the action to be taken on his/her account before completing five years if such customers have other active accounts. Customers shall also be asked to activate the account by carrying out a transaction. If the account is not activated during the specified period, the requirements of unclaimed accounts shall be applied.