The Dormant Assets Fund
The Dormant Assets Act 2019 enables the proceeds of dormant accounts held by banks in the Isle of Man to be transferred to a central Fund, known as the Dormant Assets Fund. Subject to enough money being retained in the Fund to meet any repayment claims, a proportion of the amounts transferred will be made available for distribution to good causes in the Island.
The Treasury is responsible for the administration of the Fund.
Dormant bank accounts
In general, a bank account will be considered as dormant if it has been inactive for 15 years and if, during that 15 year period, the owner of the account has made no contact with the bank and has not responded to any requests or notifications from the bank.
Any customer seeking to reclaim a lost account should contact their bank.
Customers' rights will not be affected by the transfer of their dormant account to the Dormant Assets Fund. Any customer wishing to reclaim their money will be able to make a repayment claim to their bank at any time.