WebDec 31, 2024 · The attention of the Bank of Ghana has been drawn to information circulating on social media to the effect that customers whose accounts are dormant … WebThe directive to financial institutions According to Bank of Ghana, financial institutions are to take adequate steps to contact an account holder either by phone call, SMS, email, visitation or any agreed means of communication during the account opening at least three months prior to an account falling into dormancy. Financial institution shall contact the …
BoG Gives Directives On Unclaimed Balances, Dormant Accounts
WebMar 3, 2024 · The Bank of Ghana has issued a directive on unclaimed balances & dormant accounts for banks and specialized deposit-taking institutions. The directive seeks to … WebRead BoG’s new directive. According to Investopedia, a dormant account “is an account that has had no financial activity for a long period of time, except for the posting of interest.”. After the dormancy period, such accounts become the unclaimed property of the state.. Do you have a dormant account? holidays in scarborough uk 2023
Bank of Ghana clears air on dormant account directive
WebMar 1, 2024 · The Bank of Ghana has issued Unclaimed Balances & Dormant Accounts directive for banks and specialized deposit-taking institutions that will ensure all balances of inactive accounts are moved … WebJul 13, 2024 · The statement said the funds in a customer’s dormant account shall be transferred to the Central Bank after five (5) years of inactivity for continuous protection. ALSO READ: Do you have a dormant account? Read BoG’s new directive. GNA WebMar 9, 2024 · Pursuant to Section 92 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), the central bank, last week, issued a directive to banks to help create processes and procedures for reclaim of funds by dormant account holders or their legal representatives among others with exception to accounts that are subjects of ... holidays in scandinavia 2022