An account is declared dormant after a bank or micro finance, building society has failed in attempts to contact the holder using the last known address. If the letters or statements are returned marked “not known at this address”, and the owner has not communicated in writing to the holding institution or the account has had no activities for a period stipulated by law, it is then declared dormant. This accounts could fall dormant due change of address, migration, change of company name, collapse or change in corporate structures, name change after marriage or divorce, owners are deceased, beneficiaries are not aware of its existence, passage of time, undisclosed investments, missing records, secret accounts savings etc.
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