Status: You are viewing the version of the handbook as on 2019-01-31.

dormant account

    5251has the meaning given in section 10 of the Dormant Bank and Building Society Accounts Act 2008, which is in summary an account that at a particular point in time:

      1. (a) has been open throughout the period of 15 years ending at that time; and
      1. (b) during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account.