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Why is my bank account dormant?
Chequing and Savings Accounts that have been inactive for a period of 1 year become "dormant." A notice will be sent to you after the second, fifth, and ninth year to provide options regarding reactivation of your account.
The Bank Act requires Canadian Financial Institutions to transfer all Canadian Currency accounts that have been dormant for 10 years to the Bank of Canada. Contact the Bank of Canada if you would like to search for information on unclaimed account balances.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.