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#2269115 - 04/14/22 03:05 PM Dormant Accounts
Bruce Gollop Offline
New Poster
Joined: Apr 2021
Posts: 21
When an account has a recurring debit or credit or automatic transfer, does that constitute activity on an account for the purpose of determining an inactive or dormant status? Our bank is located in Washington, DC, Maryland, New Jersey, and New York. The account is domiciled in Washington, DC, and the customer lives in Maryland.

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#2269123 - 04/14/22 05:12 PM Re: Dormant Accounts Bruce Gollop
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Property presumed abandoned shall be reported and delivered to the District if one of the following applies:

1. The last known address of the apparent owner, as shown on the records of the holder, is in the District.

2. If the address of apparent owner is unknown, at least one of the following applies:
A. Address of last known person entitled to the property is in the District of Columbia;
B. Holder is domiciled in the District; or
C. Holder is the District of Columbia Government.

3. The last known address of apparent owner is in a foreign country or in a state outside the District of
Columbia and the property is not being reported to that state and, the holder is:
A. Domiciled in the District: or
B. The District of Columbia Government.

4. The transaction concerning the property took place in the District.


§ 41–152.10. Indication of apparent owner interest in property.
(b) Under this chapter, an indication of an apparent owner's interest in property includes:

(5) A deposit into or withdrawal from an account at a financial organization, including an automatic deposit or withdrawal previously authorized by the apparent owner other than an automatic reinvestment of dividends or interest;
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2269219 - 04/18/22 12:47 PM Re: Dormant Accounts Bruce Gollop
Bruce Gollop Offline
New Poster
Joined: Apr 2021
Posts: 21
Thank you for your response. Just to follow up, would the account be considered "inactive or dormant" in it's current status, if the account has a recurring debit or credit attached to it?

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#2269226 - 04/18/22 01:17 PM Re: Dormant Accounts Bruce Gollop
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
An indication of the owner's interest in the account includes an automatic deposit or withdrawal previously authorized by the apparent owner other than an automatic reinvestment of dividends or interest. Your scenario sounds like it meets this test. The use of the terms "inactive or dormant" is not found in the statute and likely those are internally defined terms.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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