Dormant account directive: Customers will not lose their funds – Bank of Ghana assures

Customers of commercial banks whose dormant accounts will be transferred to the central bank will not risk losing their funds, the Bank of Ghana has assured.

This comes on the back of social media reports asserting that customers will lose their funds amid the transfer hence they needed to reactivate their

Read full articledormant accounts with their commercial banks and special deposit-taking institutions.

But a statement issued by the central bank debunking the claims explained that customers or their legal representatives after presenting relevant documentation can still go ahead to make claims for their funds.

“The Bank of Ghana wishes to inform the general public that the recently published directive on dormant accounts seeks to provide directions to banks and Specialised Deposit-Taking Institutions (SDIs) on how to protect accounts of customers which have remained inactive (no deposits or withdrawal) for a period of two years.”

“Such accounts are placed in dormant accounts registers and after further three years of no reactivation, the funds are transferred to the Bank of Ghana. The key ingredient in the reactivation process is the identification of the customer,” the statement read in part.

The central bank further said customers whose accounts fall in this category should contact their banks and SDIs to assist them to reactivate their dormant accounts.

“As a proactive measure, the Bank of Ghana’s Directive urges banks and SDIs to contact customers whose accounts are dormant to reactivate such accounts.”

“Please note that as part of the directive, banks and SDIs will publish accounts that remain dormant for a period of five years on their websites and in two daily newspapers as a means of notifying account holders who may not have reactivated their accounts”, the statement added.

Read the full statement below: