Government Could Get Millions from Dormant Bank Accounts
Death and migration may be among the main reasons why there are so many dormant banks account in Jamaica.
The government could soon be able to receive millions of dollars from accounts at the National Commercial Bank (NCB) that have been dormant for a long time.
The Ministry of Finance recently released a 56-page listing of 8,000 depositors with accounts at NCB that have been dormant for at least 15 years.
The balances in the ministry’s data vary wildly from accounts having less than ten dollars to $1.34 million belonging to a M. E. Dallas from a St Andrew address.
His last transaction on the account was in January 1995.
According to Section (40) of the Banking Act, if these monies remain unclaimed at the end of the year; they will become a part of the Jamaica Government’s revenue.
The Banking Act also requires that the notification of dormant accounts and the pending transfer of its balances to the government be published at least four times over the period of one year before this can occur.
Should the government receive funds from dormant bank accounts? Share your thoughts in the comments.
Source: Loop Jamaica
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