Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Pakistani National Could Not Return To Kuwait What Will Happen To My Bank Accounts
I am Pakistani and was on vacations back home, but unfortunately I got sick and was not able to return within the 6 months period and my visa got cancelled in September 2015.
My sponsor is trying to get a visa for me, but couldn’t get it for restrictions on Pakistanis despite having all the police certificates with my application.
Anyway, my question is about my bank accounts. I have 3 accounts in different banks. My question is what will happen to my accounts and money?
Some of my accounts are already in dormant status, will there be any fine or any serious action be taken towards my accounts?
I know I can give a Power of Attorney to someone to withdraw all the money and close my account, but if I don’t do this, what will happen?
Name withheld
Answer: No, nothing will happen to your accounts. These go into a “dormant” status if there is no movement in the account for over six months. After the six months (one year in some banks), a dormant account fee of KD 2 per month will be collected by the bank. A nominal fee (normally KD 5) is required to reactivate the account. An account becomes unclaimed after 5 years.
So, you won’t have to pay more than KD 2 a month but you better get your money out (by giving a power of attorney to a friend and also at the same time issuing instructions directly to the bank) before it becomes “unclaimed”, which will result in a longer procedure because the branch where you hold the account then “surrenders” the money and the account to its head office.
Please remember that to reactivate a dormant account you have to issue instructions to the branch which has your account. By the way, if any of your accounts are not dormant you can resort to online banking and transfer the money to a friend’s account … it will save you a lot of hassle.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment