British Virgin Islands

Saturday, Jan 23, 2021

$84K worth of dormant accounts at Nat’l Bank could now go to gov’t

$84K worth of dormant accounts at Nat’l Bank could now go to gov’t

Highlighting 50 dormant accounts with a combined value nearing $84,000, the state-owned National Bank of the Virgin Islands is warning that if no activity is made within these accounts by November 7, the monies will be transferred to the government.

The bank issued the warning in a notice published in government’s official newsletter, The Gazette, last month.

Under the Dormant Accounts Act of 2011, dormant accounts are defined as any account that has been inactive for seven years or more. And once unclaimed within 90 days of the bank giving notice, the monies are transferred to an account under government’s control.

Pursuant to this law, NBVI stated in its latest notice: “If a transaction or activity is not effected in respect of a dormant account by the account holder not later than three months from the date of the notice, the monies in the account shall be transferred to the Dormant Account Fund … without further notice to the account holder.”

It further said: “An interested person should contact the National Bank to prove ownership of the account, and an account holder is entitled, subject to the Act, to claim repayment of the monies in the dormant account from the National Bank, subject to any lawful charges agreed to by the dormant account holder and the National Bank.”

When tallied by BVI News, the 50 accounts contained a combined amount of $83,760.49. The two largest accounts contained $18,507.43 and $12,416.2 respectively.

The account with the least amount of money contained $103.48.


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