Banking activities in Ghana operate within a robust legal framework. At the heart of it all is the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which covers everything from lending rules to how banks report to the Central Bank. But there’s one part of this law that doesn’t get much attention: what happens to the money in your bank account if it just sits there for years, especially if you’ve passed away?
Sometimes people open accounts and then forget about them. Some pass away without telling anyone about their accounts. Over time, that money remains stagnant. When someone dies without clear instructions, those funds often just sit there idle. They are not touched, but the law doesn’t forget them.
This article breaks down what the law says about unclaimed balances, how long banks wait before they act, what happens to the money next, and what rights you or your family have.
So, if you’ve ever wondered if your grandmother’s old savings account is still there, or what happens to those forgotten funds, this is for you.
What the Law Says: Section 143 of Act 930
Unclaimed balances are accounts that haven’t seen any activity for years, either forgotten by their owners or left behind when someone passes away. According to section 143 of Act 930, if a current or savings account hasn’t been used for two years, or a fixed deposit hasn’t been touched for two years after it matures, the bank labels it a “dormant account.” At that point, no one can withdraw money unless two authorized bank officers approve it.
Once that happens, the bank must put the account on a special dormant register and notify the depositor at their last known address. Of course, if the depositor is dead or can’t be reached, that letter might never get to anyone.
Dormant accounts can still earn interest or be charged fees until they’re moved. After sitting on the dormant list for three years, the bank has to publish a notice in at least two national newspapers to alert the public.
If nobody claims the money, it doesn’t just stay with the bank forever. The law requires banks to transfer those funds to the Bank of Ghana, which holds them in a special account. Even then, the real owner or their legal representative can still claim the money.
That’s the law. But what about how it works in real life?
The Practical Reality: Who Is This Law Really Helping?
On paper, the law protects unclaimed money and sets out a clear way to get it back. But in reality, it raises some concerns.
First, it assumes that either the customer or someone on their behalf will eventually come forward. But if the account was a secret, as is usual in the typical Ghanaian society, family members might have no clue it exists. Oftentimes, banks don’t track down next of kin, and there’s no central database sending alerts about dormant accounts.
Some critics say this part of the law feels more like a scramble between banks and the regulator over money belonging to someone who is nowhere to be found. Ironically, the customer is often the one left out.
A Word to the Wise: What Customers and Families Should Do
Because of all this, it pays to be proactive. If you have money in a bank, make sure it doesn’t get lost after you’re gone. Include your bank accounts in your will. Tell your spouse, child, sibling, or trusted friend. It is not necessary to give out your PIN, password or account number; just enough details will do, so they know where to look if you’re not around.
If you’re a family member who suspects a deceased relative had an account, don’t wait for rumours to fade. Reach out to banks early. You’ll likely need legal papers to prove your right to claim, but the sooner you start, the better your chances.
Conclusion: A System That Still Needs Fixing
The rules around unclaimed balances in Act 930 are a good start toward accountability, but they’re not perfect. They presume awareness and openness in a society where people often take financial secrets to the grave. While the law gives a way to claim funds, it doesn’t do much to help people find those funds in the first place.
Until that changes, the best thing you can do is prepare, whether you’re the account holder or the family. Because in banking, just like in life, what you don’t know can cost you.
Alhassan Aboagye on behalf of OSD and Partners. [email protected]
