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Singapore MAS Chairman Lawrence Wong on Dormant Bank Accounts in 3 Local Banks DBS, OCBC & UOB: 215,000 Accounts with $300 Million Dormant for at Least 15 Years, Represents 2% of Total Deposit Accounts & 0.07% of Total Deposit Value
21st September 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on dormant bank accounts in 3 local banks DBS, OCBC & UOB – 215,000 accounts with around $300 million dormant for at least 15 years, representing 2% of total deposit accounts & 0.07% of total deposit value. Singapore MAS Chairman Lawrence Wong: “There are about 215,000 deposit accounts of individuals in our three local banks, holding a total of about $300 million, that have been dormant for at least 15 years. They constitute 2% of the total number of deposit accounts in the three banks and 0.07% of total deposit value.” More info below:
“ Singapore MAS Chairman Lawrence Wong on Dormant Bank Accounts in 3 Local Banks DBS, OCBC & UOB: 215,000 Accounts with $300 Million Dormant for at Least 15 Years, Represents 2% of Total Deposit Accounts & 0.07% of Total Deposit Value “
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Singapore MAS Chairman Lawrence Wong on Dormant Bank Accounts in 3 Local Banks DBS, OCBC & UOB
19 September 2023
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, MP, Sengkang GRC
Question: To ask the Prime Minister (a) what is (i) the number and (ii) dollar value of deposits held in dormant bank accounts in local financial institutions (FIs); and (b) whether MAS requires local FIs to trace and contact holders of dormant accounts to activate their accounts or claim their funds.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. There are about 215,000 deposit accounts of individuals in our three local banks, holding a total of about $300 million, that have been dormant for at least 15 years. They constitute 2% of the total number of deposit accounts in the three banks and 0.07% of total deposit value.
2. MAS currently does not prescribe how banks should treat their dormant deposit accounts but has been reviewing the issue. In practice, some banks send notification letters to holders of deposit accounts to inform them that their accounts have been inactive for a period of time. Beyond a certain point, it would not be practical for banks to continue efforts to trace these account holders. But account holders or their authorised personal representatives may at any time contact banks to reactivate their accounts or to claim the funds on behalf of the estate of the deceased account holder.
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