What is the Dormant Accounts Act 2001?
The Dormant Accounts Act 2001 sets a requirement for all financial institutions, including An Post, to identify accounts or investments where no customer transactions have taken place for the past 15 years or more and to designate these accounts or investments as Dormant Accounts.
What is a Dormant Account?
A Dormant Account is an account or investment on which no customer generated financial transaction has taken place for the past 15 years. In the case of Savings Bonds, Savings Certificates and Instalment Savings the 15 year period commences at the first maturity point for the investment i.e. on completion of the initial investment period.
What accounts will become Dormant?
- A Post Office Savings Bank Deposit Account (including the Post Office Book, Deposit Account Plus, Pension Save and Childcare Save) will be deemed to be dormant if there have been no customer transactions since 1st October 1998.
- Savings Bonds will be deemed to be Dormant if they were purchased on or before 30th September 1995 with no partial repayments since the 1st October 1998.
- Savings Certificates will be deemed to be Dormant if they were purchased on or before 30th September 1993 with no partial repayments since the 1st October 1998.
- Instalment Savings will be deemed to be Dormant where the 12 month savings cycle was completed on or before 30th September 1993 with no partial repayments since 1st October 1998.
Will I be notified that my account may become Dormant?
In accordance with the Act, An Post will write to the holders of accounts or investments to the value of or in excess of €100 deemed to be Dormant except where:
- The account or investment holder has requested that no correspondence be sent or
- Previous correspondence to the account or investment holder has been returned marked ‘gone away’ or ‘not known at this address’.
What if the account or investment holder is deceased?
Where An Post has already been notified that the holder of the account or investment is deceased a letter will be issued in due course to the legal / personal representative.
How do I prevent my account or investment becoming Dormant?
Once a transaction is made on or before 31st March 2014 the account or investment will be removed from the dormant list.
What happens if I do not make a transaction by 31st March 2014?
Where no transaction takes place on the account or investment by 31st March 2014 the total value of the holding will be transferred to the Dormant Accounts Fund held by the National Treasury Management Agency (NTMA), who will manage the funds on behalf of the state.
Balances transferred to the Dormant Accounts Fund, including any interest due thereon, will remain the property of the account or investment holder and may be reclaimed at any time from An Post subject to advance notice as prescribed in the Act.
How do I reclaim my money from the Dormant Accounts Fund?
The Act states that An Post must, within 28 days of receipt of a claim, request from the NTMA the return of the money transferred. The NTMA will return the funds to An Post within 21days. An Post will then return the proceeds of the account or investment to the customer within 7 days. In total, it may take up to 56 days for a claim from the Dormant Accounts Fund to be processed. Interest, if applicable, will continue to be earned up to the date of repayment.
Who Should I contact if I have further enquiries regarding Dormancy?
Please contact our customer call centre on 1850 30 50 60 where the operators will be happy to deal with your query.