DEFINITION OF THE UNCLAIMED MONEYS




WTD Info > Definition of the Unclaimed Moneys

DEFINITION OF THE UNCLAIMED MONEYS


  1. Moneys which are legally payable to the owner but have remained unpaid for a period of not less than two (2) years.

    Examples under this category are:

    • Salaries, wages, bonuses, commissions and other payments due to employees;
    • Dividend;
    • Profits declared for distributions;
    • Insurance claims which have been approved for payment;
    • Bank draft, cashier's order and other documents of similar nature which validity period have lapsed;
    • Fixed deposits (without automatic renewal instructions) which have matured;
    • Tender deposits for which the intended purpose has been fulfilled;
    • Sundry creditors or sundry debtors with credit balance.

  2. Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven (7) years.

    Examples under this category are:

    • Saving account;
    • Current account;
    • Fixed deposit (with automatic renewal instructions).

  3. Moneys to the credit of a trade account that has remained dormant for a period of not less than two (2) years.

    Examples under this category are:

    • Trade creditors account;
    • Trade debtors account with credit balance.