Dormant Accounts Policy
This Dormant Accounts Policy establishes the framework for a bank, credit union, fintech company, or other type of financial institution to identify, monitor, restrict, reactivate, and escheat inactive and dormant deposit accounts in accordance with all applicable state and federal laws, rules, regulations, related account agreements, and appropriate sound risk management practices.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Risk Management – Topic 4
- Inactivity and Dormancy Standards – Topic 5
- Customer Notice and Due Diligence – Topic 6
- Reactivation of Inactive or Dormant Accounts – Topic 7
- Fees and Charges – Topic 8
- Escheatment and Unclaimed Property – Topic 9
- Audit Policy – Topic 10
- Staff Training – Topic 11
- Retention of Documentation – Topic 12
This Dormant Accounts Policy Template (approximately 5 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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