Virgin Islands residents with money in the bank that they haven’t touched in years should claim it soon if they don’t want to lose it.
Last Thursday, banks turned over management of customers’ “dormant or inactive accounts” to government, which will use the monies to bolster the territory’s reserve fund, according to Government Information Services.
Under the Dormant Accounts Act, 2011, accounts that haven’t been used for more than seven years can be transferred to government control if they aren’t claimed within 60 days.
Banks, which previously were responsible for managing dormant accounts, will publish lists of all inactive accounts in two newspapers and the Gazette, according to GIS.
Account holders who see their name on the list should contact their banks. Even after the 60-day period when the accounts have been transferred to the reserve fund, account holders can still redeem their funds if they show proof of ownership, according to GIS.
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