How long does a bank account have to remain dormant before it gets shut down?

Answer 1

It really does depend on the bank, for example Natwest suspend accounts after just a year, other banks allow it to be dormant a lot longer.

Theres an article on how to track down money in dormat accounts below that may help you.

Answer 2

It does depend on the banks procedures, how much is in the account and what type of account it is. Balances below £1 in savings account close fairly quick(about a year minimum) as they wont earn any interest anyway. Larger balances or current accounts would tend to take years and will be frozen as inactive before becoming dormant. I know in my time working for a bank we would write to customers who had not used current accounts for 6-12mths to remind them they still had one open. However savings account tend not to be used as regular as current so we'd tend not to contact those customer. If you'd moved address forgetting to inform the bank well you'd not get any mail anyhoo. Fear not though any money held on any accounts that are closed can always be traced. I had an old lady who's husband had passed away and she found a passbook of his last used in early 70's which had closed as dormant in the late 80's we traced the exact closing balance and worked out the interest that it would have earned over the years at the various %rates and added it (not sure if that's common practice tho). If a current account was left overdrawn and not incurring any charges, it would would be closed much quicker (within 3-6mths) and depends on the amount as to whether it would be put against your credit file a few quid would be written off by bank as not worth pursuing. PS it always remains your money not the governments ; )

Answer 3

I am not sure how long that stay dormant, maybe like 2 years than all the money goes to the government as Unclaimed property. But is your account is negative, you will be on the chex system for 7 years. Therefore, you will not be able to open a checking account for 7 years.

Answer 4

It doesn't get "shut down". It goes into dormant mode. The government have plans to "borrow" all this dormant money.

Answer 5

Ive had a dormant account at the halifax for 10 years with 5.50 in it. Maybe they just dont notice? Maybe I should get the money out now youve reminded me about it!!!!

Answer 6

offically if dormant for six years it can be declared dormant