The Dormant Accounts Act 2001 aims to reunite account holders or their next of kin with their dormant accounts in financial institutions in Ireland. A dormant account is an account to which money has not been added or removed since 31st March 1987 or earlier.
Under the Act, financial institutions will have to contact you if you have not completed a transaction on your account in 15 years or more. If the institution cannot contact you, the money in the account will be taken over by the state.
Funds in accounts that were not been reclaimed by the end of March 2003 have been transferred to a Dormant Accounts Fund. This fund has been set up and managed by the National Treasury Management Agency (NTMA).
The surplus money held in this fund will be used to support projects aimed at easing poverty and social deprivation, supporting people with disabilities, or helping people who are educationally disadvantaged.
The Dormant Accounts (Amendment) Act 2005 introduced changes to the way the fund is administered. The Minister for Environment, Community and Local Government has overall responsibility for payments from the fund. The Dormant Accounts Board, which is appointed by the Minister, produces a disbursement plan for government approval. The plan sets out the objectives of the funding and how they are to be achieved.
In cases where someone dies without making a will and their relatives cannot be found, the state is the ultimate beneficiary of his or her money and property. The proceeds are placed in an intestate estates fund account. The money in this fund will also be transferred to the Dormant Accounts Fund and used to fund projects.
The Act applies to deposit and current accounts, savings certificates, savings bonds, etc., held in financial institutions such as banks, building societies and An Post. At present, the Act does not apply to accounts held in credit unions but it is hoped that they will be brought within its scope at some stage.
The dormancy period means a period of not less than 15 years ending on 31 March 2002 and 30 September in each subsequent year starting on 30 September 2003.
If you think that you have a dormant account, you should contact the financial institution at which you hold the account.
If the financial institution no longer exists and you want to find out where to make your enquiry or claim, you should contact the Irish Bankering Federation/Irish Mortgage Association, Nassau House, Nassau Street, Dublin 2, Tel. (01) 6715311.
There is no time-bar on account holders or their next of kin reclaiming dormant funds, as their rights are preserved. This means that even if the funds or property have been transferred to the Dormant Accounts Fund, you or your next of kin still have a claim on your funds or property.
For information about funding provided by the Dormant Accounts Board, contact the Dormant Accounts Unit of the Department.
Custom House
Dublin 1
Ireland
Tel:(01) 888 2000
Locall:1890 202 021
Fax:(01) 888 2888
Homepage: http://www.environ.ie