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NTMA could gobble up your savings next March if they have become dormant
But don’t worry, you can get them back. If you haven’t touched Savings Bonds or Certificates in 15 years, they could be transferred to the State.
IF YOU HAVE dormant savings or bonds, the National Treasury Management Agency (NTMA) could be taking them over come next March.
Advertisements taken out by the agency today remind account holders that if no transactions have been made on an account for 15 years, they are declared dormant and any money in them transferred to the NTMA under the Dormant Accounts Act 2001.
An Post is advising that Savings Bonds purchased on or before 30 September 1995 and and Certificates since the same date in 1993, and on which there have been no repayments since 1998, will face this fate on the 31 of March 2014.
The same applies to Instalment Savings which matured on or before 30 September 1993.
The Irish Banking Federation says that if a transaction is made on these accounts, “the ‘clock” for dormancy purposes is reset to zero”. The financial institutions are also required to contact the account holders before declaring an account dormant, except in cases where the funds are below €100 or where they have been given previous instructions on how to handle the account.
The money can also be reclaimed, even if it has been transferred to the NTMA.
Just 20 per cent of all funds the NTMA took over in this manner so far this year were claimed back by customers.
Figures released to TheJournal.ie in August revealed that of the €43 million declared dormant, just €8 million was reclaimed.
Read: Holocaust survivors received €950m settlement after dormant accounts scandal >
More: €43 million collected from dormant accounts this year >
