The Bank of Ghana has refuted social media rumors that people with inactive accounts would lose their money if they are transferred to the Bank of Ghana after a period of inactivity.
These claims follow the Central Bank’s recent order for banks and specialized deposit-taking organizations on unclaimed balances and inactive accounts.
Customers needed to reactivate their dormant accounts as soon as possible, according to social media claims, or risk losing their funds when their dormant accounts were transferred to the apex bank, or at the very least endure a lengthy process to get their money back once it was transferred to the Bank of Ghana.
In response to the allegations, the Bank of Ghana released a fresh statement stating that no one whose inactive account is moved to it would lose their money.
Customers or their legal agents may make claims for the money by submitting the necessary documents.
The Bank of Ghana further said that identifying and claiming money at the bank is not a time-consuming procedure.
The Bank of Ghana’s directive on unclaimed balances and dormant accounts for banks and specialized deposit-taking institutions, which was issued a few months ago, aims to ensure that balances in accounts that have been unattended for a long time are managed under a special account known as the dormant account register.
According to the Bank of Ghana’s instruction, a dormant account is a current or savings account with credit balances and derivatives that has been inactive for a period of years due to no “customer-initiated action” by the account holder or a third party acting on the account holder’s behalf.
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According to the regulation, money in a dormant account must be handed to the Bank of Ghana after five (5) years of inactivity for continued protection.
Customers with these types of accounts are advised to contact their bankers to get them reactivated.
The Bank of Ghana’s Directive encourages banks and SDIs to contact inactive clients and revive their accounts as a proactive step.
According to the order, banks and SDIs must disclose accounts that have been inactive for five years on their websites and in two daily newspapers as a way of informing account users who have not reactivated their accounts.
Source: ATLFMNEWSROOM
