Dormant Accounts Fund
Under the Dormant Accounts Acts 2001-2012 and the Unclaimed Life Assurance Policies Act 2003, balances on dormant accounts with banks, building societies and An Post and the net encashment value of certain life assurance policies are remitted to the State annually. The balances on dormant accounts are paid into the Dormant Accounts Fund, which is managed by the NTMA. In addition, moneys from the Intestate Estates Fund Deposit Account may, on the direction of the Minister for Finance, also be paid into the Fund.
The period for determining dormancy is normally 15 years since the last customer-initiated transaction. In the case of life assurance policies with a specified term, it is five years after the end of that term. The legislation guarantees the right of account holders to reclaim their moneys at any time and also provides for a scheme of disbursement, for charitable purposes or purposes of societal and community benefit, of funds that are not likely to be reclaimed.
Dormant Account claims
If you have been notified by your institution or if you have reason to believe that you have dormant funds in a branch of a bank, building society or An Post you should approach the relevant institution concerned and complete the Dormant Account Claim Form.
If you have been advised by your life assurance company or have reason to believe you hold an unclaimed life assurance policy you should approach the company concerned and complete the Unclaimed Life Assurance Policy Enquiry Form.