When your savings account goes dormant

Nabanker


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Posted by on Wednesday October 5, 2011 12:58:4:

A savings account can go dormant when it has not ben in use over a specified period of time. For Nigeria, most banks limit it to 6 months of inactivity and after that, you won't be able to use the account until you re-activate it.

A savings account can go dormant if you have not deposited or withdrawn money for up to 6 months and it seems that people normally fall into this problem due to some of the following reasons:

- Relocation
- Travelling outside the country
- Little or no liquidity to transact with banks
- Just ignoring their account
- Lack of awareness of bank rules for operating such an account
- Having multiple accounts with different banks
- No more desire to operate the account

According to banking rules, holders of accounts should be able to service their account by performing transactions with it from time to time but where this fails to happen, they have an obligation to move it to dormant as it can help save costs, categorize performance and keep updated records of customers. You should be able to see some of these conditions listed in the bank's terms of service when opening your account.

What a dormant account means is that your account has been suspended until you are officially ready to start operating it again.

One of the major culprit to many dormant account is the opening of multiple accounts at different banks by people for several reasons and in the end, they find it hard or inconvenient to operate all of them satisfactorily.

If you have not been using your bank account for quite a while, it is most likely to be dormant and you can reactivate it by just taking a visit to your bank;

- Submit a dormant account reactivation request
- Deposit some money

Your account should be re-activated within 24 hrs



Comments:
Re: When your savings account goes dormant Reply by Amosu adeleke sunday on Tuesday July 23, 2013 at 16:38:37:

my account has been dormant for almost 3years now because i was told to present my votal's card or national i.d card despite that i had #20,000 to deposit.i decided not to go back bcos i can't find my votal's card & as for national i.d card,i don't hav



Re: When your savings account goes dormant Reply by Akpemose A. on Wednesday December 18, 2013 at 18:50:57:

Pls the limit should be one year



Re: When your savings account goes dormant Reply by Ighodaro.O.K. on Saturday April 26, 2014 at 10:47:38:

Please A Bank Account Should Not Be Dormant As Long As Minimum Deposit Is #1000.





Comments:
Re: When your savings account goes dormant Reply by Emmanuel on Monday October 13, 2014 at 3:26:2:

Please, if I pay some money into a domant account of a friend, will that make the account to be activated ???



Re: When your savings account goes dormant Reply by Uche on Tuesday February 10, 2015 at 7:31:50:

How much is been used 4 reactivate aa dornant account



Re: When your savings account goes dormant Reply by ASHOM MUSA on Friday June 5, 2015 at 15:31:14:

please how long specifically does it take for a diamond account to be come dormant?



Re: When your savings account goes dormant Reply by Felix Okoli on Friday June 5, 2015 at 15:31:14:

It should be about 6 months.


Re: When your savings account goes dormant Reply by elewure mumin on Thursday October 22, 2015 at 7:15:38:

reactivation of skye bank takes up to 2 weeks.after filling the necessary forms,they insist on visiting the holder's home or office to verify his address.it is hellish.
2 can a holder of dormant account be able to do bank BVN?


Re: When your savings account goes dormant Reply by Felix Okoli on Thursday October 22, 2015 at 7:15:38:

Yes, you can still do bank BVN even if your account is Dormant unless you no longer want to activate the account.


Re: When your savings account goes dormant Reply by Ibrahim Mee Ibrahim on Thursday December 10, 2015 at 4:21:44:

Dear sir kindly a m looking for unclaimed funds to claim as a next of kin to share as partners if nobody applies to claim



Re: When your savings account goes dormant Reply by Prince on Friday November 4, 2016 at 22:14:53:

My name is jasper my problem is first bank plc...i left 1500 they have been sending me alert just for me to receive some huge cash in my account they said is domant and to reactivate it I must bring valid ID card which I don't have since I lost my old once what do I do I need your advice pls



Re: When your savings account goes dormant Reply by Felix Okoli on Friday November 4, 2016 at 22:14:53:

Get an ID Card or get someone with a current account to be your guarantor at the bank.


Re: When your savings account goes dormant Reply by Destiny onyii on Friday January 13, 2017 at 21:42:25:

I re-activated my dormant acct nd d said i shld deposite money in it can sum1 transfer money 2 d acct or am i 2 deposite money in it by my self



Re: When your savings account goes dormant Reply by Felix Okoli on Friday January 13, 2017 at 21:42:25:

I think a transfer will equally be ok


Re: When your savings account goes dormant Reply by Destiny onyii on Thursday February 9, 2017 at 23:38:29:

I hv tried 2 activate my dormant acct stil yet it din work out, wot could b d problem plz



Re: When your savings account goes dormant Reply by Charles E on Saturday February 25, 2017 at 23:57:43:

If I deposit only in my diamond bank savings account monthly for 5 years without withdrawal, will it go dormant?



Re: When your savings account goes dormant Reply by Felix Okoli on Saturday February 25, 2017 at 23:57:43:

No it won't go dormant even if you deposit once every 3 months.


Re: When your savings account goes dormant Reply by adedamola on Sunday March 26, 2017 at 20:48:47:

I'm using UBA, How will I knw if my account is dormant ? How many months will it goes before ones account becomes dormant?



Re: When your savings account goes dormant Reply by Felix Okoli on Sunday March 26, 2017 at 20:48:47:

I think it takes about 6 months to 1 year.


Re: When your savings account goes dormant Reply by Bella on Wednesday April 26, 2017 at 13:58:46:

Pls I have been out of d country for like 6 months and a week and iv not bin using my access bank savings account. Would it have been dormant within 6 months and a week



Re: When your savings account goes dormant Reply by tosin on Wednesday May 3, 2017 at 17:2:27:

Pls I fill in reactivation form in first bank and it's 24hrs yet I can't still withdraw from it



Re: When your savings account goes dormant Reply by Daniel kings on Sunday April 30, 2017 at 10:26:38:

If an amount is been transferred to a dormant account then after reactivation will I still be asked to deposit again.



Re: When your savings account goes dormant Reply by Alade oluwafemi David on Sunday July 9, 2017 at 11:35:25:

My account was dormant now for over 3 years. Please I need your assistance to reactivate my account



Re: When your savings account goes dormant Reply by Alade oluwafemi David on Sunday July 9, 2017 at 11:35:25:

Just visit your bank and first make a deposit to the account. If it's successful, then your account will be reactivated else you should visit customer service and ask them to reactivate it.


Re: When your savings account goes dormant Reply by Samy Boz on Wednesday July 12, 2017 at 22:13:54:

By Using Yr Atm Card To Change And Rechange Yr Pin Yr Acc Wil Nt Go Dormant Ba



Re: When your savings account goes dormant Reply by muhammad haruna on Monday July 24, 2017 at 15:42:55:

I haven`t use my account for quite sometime because of relocation, I deposited some money now, but cant recieve alert, with all that I am able to recharge my phone from the account, it is dormant or I can still use it without re activation?





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