Definition of dormant accounts and why they should be tracked down
Dormant accounts are bank accounts that have not been used for a period of 10 years and on which there has been no activity. The bank will attempt to contact the account holder during this period. Were the attempts over Unsuccessful for 10 yearsthe account is initially considered to be contactless.
If the account balance is over CHF 500 or the value of the assets is unknown (for example in the case of a safe deposit box), the bank must react.
The bank must manage the assets in the interest of the client for another 50 years. If the last contact with the client is more than 60 years backthen she is Forced by lawto search the internet for the owner or possible heirs.
Often these are accounts whose owners are deceased or unknown. But why do these accounts have to be traced at all?
Quite simply: because it is important that the money in these accounts is paid out to the rightful heirs. This is not only ethically correct, but also serves to prevent the loss of assets, as otherwise the money would ultimately be accrue to the state would.
