Financial Services
A dormant account is a financial account that has had no activity for a certain period, typically 12 months or more. If you have a dormant bank account or other financial accounts, you might wonder how to manage or reclaim the funds. In the UK, dormant accounts are regulated by the Financial Conduct Authority (FCA), and the money in such accounts is often transferred to a central fund.
Managing dormant accounts is essential to avoid potential fees, fines, or the possibility of losing access to your funds. If you're the account holder, it's vital to contact the financial institution to reactivate the account or transfer the balance to another account. In cases where funds have been abandoned for an extended period, it’s important to be aware of how the law handles these situations.
If you have dormant accounts, it’s always worth checking in with the bank or financial institution to ensure you can reclaim your money. Proper management of dormant accounts prevents unnecessary losses and helps you keep track of your finances.
CTA: Find out how to manage or reclaim your dormant accounts. Visit our site for detailed guidance on dealing with dormant accounts and retrieving your funds.
