5.2.3 Unclaimed 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 unclaimed after completing five years (60 months), including the dormant phase, 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, and the bank becoming unable to reach the customer after using all methods of contact.
Requirements for dealing with unclaimed accounts:
| - | Banks shall transfer the balance of the account within the month following the five-year period to the bank’s suspense account created for unclaimed accounts. |
| - | Such accounts shall be classified in the suspense account to be easy to deal with and manage according to the different communication policies and procedures and supervision aspects. |
| - | Unclaimed accounts shall be allowed to accept all deposits, domestic and international transfers and dividends made by another person other than the account holder. |
| - | Banks shall completely conceal the customer signature and balance from the branch screens during this phase. Supervision on such accounts shall be limited to the Head Office. |
| - | If the customer visits the bank to activate the account or withdraw the balance, the customer may open a new account to which the outstanding balance in the bank’s records can be transferred, or may receive the balance by check or bank transfer after confirming the identity of the customer; legal agent; the agent of the customer’s heirs or the person authorized to manage and operate the account (as the case may be). |
| - | Banks shall establish policies and procedures to ensure double supervision over the files of such accounts, with a supervision level higher than that applied to the other files. Banks shall also save such files separately from the other files and provide the necessary safety tools to protect the files from recordkeeping risks. |
| - | Balances of such accounts shall be recorded as liabilities in the bank balance sheet. Banks shall not take any action regarding the balances regardless of the balance limit, the subsequent period and the account type. |
| - | Outstanding debt obligations on such accounts shall be deducted before transferring the balance to the suspense account. |
| - | The bank may close customer accounts whose balances are equal to (1,000) riyals and less, provided that the customer is notified a month prior to the date of closing, and notifies him when closing, document the notices and save them in his file. The bank must keep all the data of these customers and the amounts of their balances in the combined account; to hand it over to them when they go back to the bank. |