The Government of the Virgin Islands is set to acquire funds and assets totalling over $1.05 million from dormant accounts held at three local banks – First Bank, CIBC FirstCaribbean International Bank and Banco Popular.
The banks’ notices of the impending transfers were published in recent issues of the Gazette as required by guiding legislation.
This transfer of dormant account balances to the Government is being facilitated under the Virgin Islands Dormant Accounts Act 2011. According to the Act, bank accounts are classified as dormant after 7 years of inactivity for accounts such as deposits, savings, share purchases, and checking accounts, and 15 years for traveller’s checks.
The banks recently published notices included account holders’ names, last known addresses, and account balances for funds to be transferred to the Government’s Dormant Accounts Fund. Account holders have three months from the date of the notice to claim their funds by contacting the respective bank and providing proof of ownership.
After the transfer takes place, original account holders can still reclaim their money by submitting a written claim and relevant documentation to their bank. The bank will notify the Financial Secretary, who will authorize the Accountant General to return the transferred amount plus any accrued interest within two weeks of being notified.
Schedule 3 of the Virgin Islands Dormant Accounts Act 2011 includes the necessary forms to make such a claim and can be accessed through the link below.
Dormant Accounts Act, 2011 (gov.vg)
See notices from the banks below.