bank account dormant

Govt Looking to Reduce Time Needed to Access Dormant Accounts

Finance Minister, Audley Shaw, says the government is looking to reduce the timeframe within which it will be able to access money in dormant bank accounts.

Under the Banking Act, money in accounts that have been dormant for 15 years or more becomes part of the revenue of the Government.

During his Budget Debate presentation in Parliament last month, the Finance Minister noted that over $45-billion remain unclaimed in local financial institutions.

He says the 15-year period is excessive and a proposal to reduce the timeframe will be submitted to Cabinet shortly.

He was addressing the Young Entrepreneurs Association of Jamaica policy forum at the Jamaica Promotions Corporation headquarters in New Kingston last week.

He was responding to a proposal from the group for the dormant funds to be used for the benefit of small and medium-sized enterprises.

Minister Shaw agreed that some of the funds could be made available to the SMEs for special programmes.

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