The Following Are Tips By Former NCB Banker, Octavia Smith
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| Octavia Smith |
INACTIVE ACCOUNTS
An account is deemed inactive after one year without any transaction(s), that is, withdrawals or deposits. Status can easily revert to active by the account holder doing a transaction. No fees incurred. The inactive period may vary with other banks
DORMANT ACCOUNTS - A
An account is deemed dormant after two years of inactivity. It may be activated in person at a branch by providing know your customer documents, updating the customer's personal data, and making a deposit or withdrawal. No fees incurred. Dormancy may vary with other banks
DORMANT ACCOUNTS - B
A DORMANT account of 15 years or more is also referred to as an unclaimed balance account.
This is transferred from the bank's books to the Ministry of Finance to the Administrator General. Funds are redeemable from the Administrator General through a commercial bank upon application by the account holder.
If the account holder died intestate, then whoever is petitioning the Accountant General can do the same for unclaimed balances, which will be paid over to the estate.
ACCESS TO FUNDS FOR BURIAL
The bank will release funds of JAD 500,000 immediately to the funeral parlour upon application. Individuals applying must have in hand an invoice from the parlour for that amount or more bearing the name of the applicant. A death certificate or a burial order and identification of the applicant should also be presented. A manager's cheque will be issued in the name of the parlour, and the cost will be borne by the account holder. The amount varies for other commercial banks.
POWER OF ATTORNEY
If an account holder is incapacitated and has no beneficiary or joint holder attached to their account, they may opt to give someone the power of attorney. It's a legal document drafted by an attorney for an individual to conduct business on behalf of the account holder. It's usually carefully worded to request limited or extended access for the named individual on the account. The document is vetted by the bank's legal team for approval.
The format and approval process may vary from bank to bank.
Octavia Smith
Editor's note:
My understanding is that even if the bank gives the funds that they had for a long time to the government, the customer or someone who has been given the power of attorney can get access to the funds. It is best to work with a lawyer to deal with a matter like this.
Customers have lost billions of dollars in these dormant accounts over the years.
If you have additional information or concerns, please send a WhatsApp message at (876) 816-5261.
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Good info Octavia should be on a BANK ACCOUNT RHYTHM played on every bus,taxi,school,church,dancehall,
ReplyDeleteradio station always barking the trute so people can BANK on it..
IF not put it on the SATAMASAGANA RHYTHM.
I am not sure which banks, but account is deemed inactive after 6 months of inactivity. I believe BNS in one.
ReplyDeleteThanks for the info what I didn’t get though how does millions of dollars disappear from people’s accounts without their knowledge?? How is this possible, and it’s like the perpetrators know who to target how does this happen?
ReplyDelete