Dormant Bank Accounts: What You Need to Know to Get Your Money Back

Since January 1, 2016, the Eckert Act has required banks to close inactive or unclaimed bank accounts after a certain period of time. The funds in these accounts are then transferred to the Caisse des Dépôts. The account holders then have a certain amount of time to reclaim their money.
 

A bank account is considered inactive or “dormant” if it has not recorded any activity (deposits, withdrawals, online logins) other than those initiated by the bank (collection of fees, interest payments) for a period of 12 consecutive months. If the account holder has died, the heirs or the notary handling the estate must contact the bank within 12 months of the death; otherwise, the account will also be considered inactive. For savings accounts, term deposits, employee savings accounts, and securities accounts, the inactivity period is extended to five years.
 

It is important to note that if you have multiple accounts at the same bank, one of which is inactive, that account will not be included in the inactivity calculation as long as you continue to conduct transactions on the other account.
 

Each year, banks are required to identify inactive accounts and notify the account holders of this situation. However, in the event of the account holder’s death, the bank is not required to search for the heirs.
 

Once notified, the account holder may decide to keep the account open by performing a banking transaction (deposit, withdrawal). The account holder may also request that the account be closed. If the account is overdrawn, the bank will send a letter to the account holder asking him or her to pay the amounts due. If the account has a credit balance, the bank will transfer the amount to the bank of the account holder’s choice.
 

If the account holder does not respond, the bank will keep the account inactive for a maximum of 10 years before closing it. This period is reduced to three years if the account holder has died. Six months before this period expires, the bank is required to notify the account holder again.
 

The law sets limits on the fees and commissions charged by banks on inactive accounts. For regulated savings accounts (Livret A, LDDS, Livret Jeune), no fees are charged. For securities accounts, fees may not exceed those that would have been charged had the account remained active. For deposit accounts and taxable bank accounts, the total amount of fees may not exceed €30 per year.
After the inactivity period, the accounts are closed, and any funds in them are transferred to the Caisse des Dépôts into an account in the account holder’s name. If the account contains securities (stocks, bonds), they are sold, and the proceeds from the sale are also transferred to the Caisse des Dépôts.
 

The Caisse des Dépôts holds dormant accounts for a period of 20 years. If the account holder has died, this period is extended to 27 years. During this period, account holders or their heirs may claim their money by submitting a request on the Caisse des Dépôts website (https://ciclade.caissedesdepots.fr/). If no claim is made by the end of these periods, the funds are permanently forfeited to the government.