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The Isle of Man Dormant Assets Act 2019

The Dormant Assets Act 2019 came into operation on 1 July 2019 in the Isle of Man.

The aim of the Dormant Assets Act 2019 is to allow for the transfer of balances in bank accounts that have been 'dormant' (i.e. accounts where contact has been lost with the customer for 15 years or more) to the Dormant Assets Fund where they can be distributed for the benefit of the community, while protecting the rights of customers to reclaim the funds.  This legislation only applies to accounts opened with our Isle of Man branch.

Accounts opened with our Jersey branch are subject to the Dormant Bank Accounts (Jersey) Law 2017 which allows for the transfer of balances in bank accounts that have been ‘dormant’ (i.e. accounts where contact has been lost with the customer for 15 years or more) to the Jersey Reclaim Fund where they can be distributed for the benefit of the community, while protecting the rights of customers to reclaim the funds.

 

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