Posted on 27 December 2010
Tags: account balance, account holder, balance, balances, bank, bank statement, bank statements, banking, banking services, Banks and Institutions, British Bankers' Association, burglary, Business, businesses, Business_Finance, Cheque, cheque books, claim, consumers, customer, Deposit account, Dormant account, dormant accounts, estate, Finance, financial services, individuality, interest, interest payment, investment, mail, major bases, Money, Overdraft, Payment systems, rationale, reply, statements, status, status of account
The British Bankers Association defines a dormant account; a bank and a customer have not been in touch with each other anymore. Practically it means that a customer either died or shifted house, and the bank has not been informed. Therefore, the bank is unable to trace the account holder.
Sleeper Status
If there has been no dealing in an account for a period of a year, the bank will write the account holder at his last recorded address. The bank asks him, if he wants to keep the account open.
If no reply is received, the bank will change the status of account to the ‘sleeper’. This simply means that from now onwards the statements, cheque books or other mail will not be sent to the customer.
However, the balance amount in the account still earn interest at a normal rate and the bank will keep trail the account balance record the last recognized address.
Reasons for Dormant Accounts
On account of two major bases, the account becomes dormant. The foremost and the most apparent is to save the money in terms of issuing the statements and the similar, when there is an activity on the account on monthly basis; It is apart from that taken by the bank, like interest payment.
The other important reason is to protect against individuality burglary.
Posted on 26 August 2009
Tags: annual rise, Bank of England's Monetary Policy Committee, Banks, BBA, borrowing, Britain, British Bankers' Association, credit, defense sectors, Economist, Funds, home, industry, July, long-term, Money, monthly approvals, Mortgage, non-financial companies, November, public administration, refinance, Royal Institution of Chartered Surveyors
Although the activity is still well below pre-recession levels, the number of mortgages approved for home purchase by Britain’s major high street banks rose by 7pc to 38,181 in July, which is more than double the low point in November.
According to the British Bankers’ Association (BBA) data, this was the highest number of approvals since February 2008, as compared with 35,564 in June.
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