In a startling revelation, sources have disclosed to Al-Rai that an estimated 90 million dinars are lying dormant in local bank accounts in Kuwait. These forgotten funds are spread across thousands of accounts, some of which started with as little as 5 dinars. This discovery has raised eyebrows and sparked interest among the public.
Upon directives from the Central Bank of Kuwait, banks have conducted extensive reviews of their systems to identify accounts with limited activity and estimate the amounts associated with them. It is important to note that this review does not include accounts of deceased individuals.
The majority of these dormant accounts were initially opened for children, while a significant portion can be attributed to accounts belonging to former residents of Kuwait who have since left the country. This highlights the fact that many people may have simply forgotten about these accounts or are unaware of the funds that are still waiting for them.
To safeguard against potential risks, banks have implemented strict protective measures. They have granted exclusive authority to high-ranking employees to manage residential accounts, aiming to prevent unauthorized access or activation by ordinary staff members. This ensures that the dormant accounts remain secure and that the funds are not misused.
In response to the identified forgotten funds, some banks have taken a novel approach. They have agreed to transfer these funds to an active account of the respective customer. This step not only preserves the rights of customers who may claim these funds in the future but also enables banks to close these dormant accounts, minimizing operational costs.
This proactive approach by the banks not only benefits the customers but also helps streamline their operations. By transferring the funds to active accounts, the banks can reduce the number of dormant accounts on their books, making their systems more efficient. Additionally, it saves them the hassle of managing these accounts with limited activity and ensures that the funds are readily available to the rightful owners when they come forward.
For customers who have forgotten about their accounts or are unaware of the funds waiting for them, this initiative serves as a reminder to check their financial records. It is advisable for individuals to regularly review their bank statements and keep track of their accounts to avoid any surprises. By doing so, they can ensure that they are not missing out on any funds that rightfully belong to them.
This revelation also highlights the importance of financial literacy and awareness. Many people may not be fully aware of the various accounts they hold or the potential funds that may be lying dormant. By educating the public about the existence of these forgotten accounts, banks can help individuals take control of their financial situation and make informed decisions.
In conclusion, the discovery of millions of dinars in dormant bank accounts in Kuwait has brought attention to the need for individuals to stay informed about their financial records. The proactive measures taken by banks to transfer these funds to active accounts not only protect the rights of customers but also improve their own operational efficiency. It is essential for individuals to regularly review their accounts and stay financially aware to avoid missing out on any funds that may be rightfully theirs.
Source: TimesKuwait
