A dormant account is a financial account that shows no activity for a long period of time . Usually, this refers to checking and saving bank accounts that have not had money withdrawn from them for at least months. Dormant accounts are financial deposits with no recent activity , often forgotten by owners. They can become state-held property after a specific dormancy period but remain retrievable. Learn... When an account becomes dormant, it remains open but inactive , and the account holder cannot use certain features like online banking or ATM withdrawals. Banks may have policies to handle dormant accounts, such as charging fees, restricting access, or transferring funds to a separate account. What is a Dormant Savings Account? Your savings/ current account will be considered dormant if you do not make any transactions through it for more than 24 months .
