The Saudi Central Bank (SAMA) instructed all banks operating locally to consider the (deposit) operations carried out by the customer himself, his agent, or his heirs as a financial operation, after it was previously limited to (debit) operations only, which are carried out by the customer or his authorized agent. The amendments included considering the transactions carried out by the “heirs” as financial transactions.
And according to the amendments to immovable banking transactions approved by the Central Bank within the rules of bank accounts, the accounts are considered (current) when the customer himself, his agent, or his heirs carry out any “withdrawal or deposit” operation within 24 calendar months.
In the event that about 24 months have passed since the last financial transaction from the customer, his agent, or his heirs, the account is transformed from “active” to “stagnant”, and if 5 years have passed since the stagnant accounts, it will be classified into an “unclaimed account”.
What is the mechanism for dealing with stagnant and unclaimed accounts?
The Central Bank of Saudi Arabia (SAMA) indicated that stagnant accounts that have passed two years without a financial transaction will be subject to bilateral control when requesting to activate them, and when activating the account, the presence of the branch manager or the branch operations manager is required, and it will not be allowed to accept any withdrawal or transfer movement on the stagnant account unless In the presence of the customer in person or the legal agent stipulated in his agency to deal with the bank accounts of the customer or the representative of his heirs, and during the period of stagnant accounts it will be allowed to accept deposits of all kinds, local and international transfers, and dividends.
As for unclaimed accounts that have completed 5 Gregorian years without executing any registered, reliable, or documented financial transaction, the account will allow the acceptance of deposits, local and international transfers, and dividends made by someone other than the account holder. These accounts are from the general administration “the main center”, and in the event that the customer reviews to reactivate the account or withdraw the balance, he has the choice between opening a new account and transferring the existing balance in the bank’s records to it, or disbursing the balance to him by a bank check or bank transfer after verifying the identity of the customer or agent His legal guardian, the representative of his heirs, or the person authorized to manage and operate the account.
Abdul Rahman Al-Misbahi (Jeddah) @ sobhe90
