Kassa on dormant savings

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Saturday 16 January, television programme Kassa devoted an episode to dormant savings.

ABN AMRO always pays out dormant savings on request, even beyond the statutory expiry period of 20 years. However, the savings must in fact exist: simply holding an old savings passbook that does not have a final entry stamp does not automatically point toward dormant savings. In the late 1970s and early 1980s savings accounts were introduced to replace passbooks, and the balances were transferred.

If a client is in possession of an old savings passbook issued by ABN AMRO (or its predecessors) and wishes to know whether the savings are still registered to an account with ABN AMRO, we will first identify the savings account into which the passbook savings were deposited at the time, and establish whether the balance is still in the savings account.

If the savings account is still active, the client’s access to the savings account will be restored. Another scenario, however, is that the account has been closed. If this was done at the client’s request, the savings will have been paid out to the client or transferred to another account: no savings will remain dormant. If it emerges that the account was closed at the bank’s initiative (for example in an effort to clean up inactive accounts), we will establish whether any savings were transferred from the relevant account into a suspense account held by the bank, and whether any savings remain dormant. If we identify any funds in the suspense account, the value will be paid out to the appropriate party. If we do not identify any funds in the suspense account, no savings remain to pay out to the client.

If a savings account is closed, this indicates that it no longer holds any funds: an account cannot be closed if it still holds a balance. The funds are withdrawn or transferred to another account before the account is closed.


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