Worth checking if a parent or grandparent died with old post office savings, a savings bond or a life policy nobody followed up.
Quick facts
- Dormant after
- 15 years with no transactions
- Covers
- Banks, building societies, An Post
- Not covered
- Credit unions
- Reclaim
- Any time, with interest
- Life policies
- Also go to the Fund
Dormant bank and post office accounts
"If you have an account with a credit institution and you make no transactions on it for 15 years, it becomes a dormant account." That covers "Deposit, share or current accounts in a bank or building society An account, saving certificate, savings bond or instalment saving scheme with An Post". "The dormant account rules do not apply to accounts held in credit unions ."
"If your money is transferred to the fund, your rights are not affected and you can always reclaim the money (including interest)."
How to claim it
"If you think you may have a dormant account, or have been notified that you do, you should complete the Dormant Account Claim Form and send it directly to the financial institution." The form is in the BPFI's Guide to Dormant Accounts.
"If the credit institution no longer exists, or has changed name, the Banking and Payments Federation Ireland provides contact details for former banks and building societies ." Next of kin claim with the death certificate and proof of entitlement.
Unclaimed life insurance
A policy is unclaimed "15 years after your last communication to the insurance provider, unless the policy was for a specific length of time" (5 years after the end of a fixed-term policy). "You have the right to claim the money in your unclaimed life assurance policy at any time."
Insurers must "Contact customers whose life insurance policies are worth €500 or more and tell them how to claim for the policies". "Insurance Ireland provides an Unclaimed Insurance Policy Enquiry Form (docx) that you can use for an unclaimed policy that is in your name or in the name of someone else."
Common questions
When does a bank account become dormant in Ireland?
After 15 years with no transactions. Credit union accounts are not covered.
Can I get money back from the Dormant Accounts Fund?
Yes. You or your next of kin can always reclaim it, including interest.
How do I find an unclaimed life insurance policy?
Contact the insurer, or use Insurance Ireland's Unclaimed Insurance Policy Enquiry Form, including for a policy in someone else's name.