By Elizabeth Adegbesan
YOUR bank account becomes dormant if you don’t use it to perform any transaction for two years. Such transactions include withdrawal of cash at a branch or Automated Teller Machine (ATM), payment by cheque, transfer of funds through Internet banking, mobile banking or ATMs, receiving dividend on shares or the interest of your fixed deposit in your savings account.
Causes of Dormant account
According to data from the Nigeria Interbank Settlement System (NIBSS), there are 36.7 million dormant bank accounts in Nigeria as at December 31st 2017. The factors responsible for this huge number include illness and death. Also, ownership of multiple bank accounts has led to abandonment of some of the bank accounts that eventually became dormant.
What happens to dormant bank accounts?
The contents of a dormant account remain in place two years after you…
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