Dormant accounts are financial deposits with no recent activity , often forgotten by owners. They can become state-held property after a specific dormancy period but remain retrievable. Learn... When an account becomes dormant, it remains open but inactive , and the account holder cannot use certain features like online banking or ATM withdrawals. Banks may have policies to handle dormant accounts, such as charging fees, restricting access, or transferring funds to a separate account. A dormant account is a bank account with no transactions for a long period, typically 12-24 months, becoming inactive per bank policies. Dormant account fee or a dormancy fee is often charged by banks if you haven’t made any transaction from that bank account for a certain period of time. This fee or penalty can vary depending on the bank, the type of account , and the period the account has remained dormant for.
