Okuzeka
Finance & Banking vocabulary · Accounts & Deposits

Dormant account

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, dormant account means: A bank account in which the customer has made no transactions for a long period, so the bank restricts it and treats it with extra care.

In Turkish: hareketsiz hesap, atıl hesap

How it is used

Used in operations, compliance and customer service. An account becomes dormant after a period set by the bank or by law. Reactivating it usually requires identity checks, because criminals may try to use dormant accounts for fraud. Money left untouched for many years may eventually pass to a state fund.

Example sentences

  1. Your account has become dormant, so please visit a branch with your ID to reactivate it.

  2. The fraud team spotted sudden large transfers into a dormant account.

Common collocations

  • dormant account
  • reactivate a dormant account
  • dormant balance
  • unclaimed deposits
  • current accountAn everyday bank account for receiving a salary, paying bills and making card payments. It pays little or no interest, and the money can be used at any time.
  • fraudDeceiving someone to get money or another advantage illegally, such as using stolen card details or opening an account with a fake identity.
  • money launderingHiding the criminal origin of money by moving it through banks, businesses or transactions so that it looks legal.
  • deposit insuranceA public scheme that protects bank customers' deposits up to a set limit if their bank fails.
  • KYCShort for know your customer: the checks a bank makes to confirm a customer's identity, address and source of funds before and during the business relationship.

More terms: Accounts & Deposits

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.