What are Dormant Accounts?

Dormant Accounts are accounts in financial institutions (banks, building societies and An Post) that have not been used, or insurance policies that have not been used, or insurance policies that have not been reclaimed by their owners for at least 15 years.

Main Purpose of Dormant Accounts legislation

The main purpose of the dormant accounts legislation (Dormant Accounts Act 2001, the Unclaimed Life Assurance Policies Act, 2003 and the Dormant Accounts (Amendment) Act 2005) is to reunite account holders and policy holders or their next of kin with their dormant funds and unclaimed policies in credit institutions and insurance undertakings. 

Disbursement of Funds

The legislation also provides for a scheme for the disbursement of funds that are unlikely to be reclaimed for projects and programmes designed to alleviate poverty and social deprivation.  The Dormant Accounts legislation targets three broad categories of persons for support from the fund:

• Those affected by economic and social disadvantage
• Those affected by educational disadvantage; and
• Persons with a disability