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#24830 - 07/22/02 09:16 PM Interest Paid on Dormant Accounts
PAconsultant Offline
New Poster
Joined: May 2002
Posts: 5
I am looking for any regulations that may exist within Pennsylvania code that pertain to paying interest on dormant accounts. Does anyone have any suggestions? Can anyone pass along what their institution does for interest-bearing accounts that become dormant? Thanks.

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#24831 - 07/23/02 12:57 PM Re: Interest Paid on Dormant Accounts
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
I couldn't find a copy on-line, but you need to refer to the Pennsylvania Disposition of Abandoned and Unclaimed Property Law. If it is based on the Uniform Unclaimed Properties Act, you have to follow certain steps in order to cease payment of interest on any account due to a period of inactivity. You want to be sure to meet the requirements. I worked for a bank in another state and they were fined a large sum of money due to not following the procedure.
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