Dormant account

Dormant account

In general, a low-balance savings account which has shown no activity (deposits and/or withdrawals) over a long period, other than posting of the interest and/or service charges. Statute of limitations usually does not apply to dormant accounts, and their funds can be claimed by their owner or beneficiary at any time.

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Part of Speech: noun
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Industry/Domain: Banking
Category: Savings
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