Circular Regarding Dormant Accounts No. (15996/4/2/10) dated 2015/12/27

In the name of Allah, the Most Gracious, the Most Merciful

Number: 10996 / 4/2/10
Date: 15/2/1437 AH
Corresponding: 27/9/2015 AD

Circular to Banks Operating in the Kingdom

Greetings,

With reference to Article No. (17) of the Instructions for Dealing with Customers with Fairness and Transparency No. (2012/56) dated 31/10/2012 regarding Dormant Accounts, which stipulates that "customer accounts with credit balances are considered dormant at the Bank if no withdrawal or deposit transactions have occurred, and it is impossible to infer the existence of the account holder through their other transactions with the Bank, and after exhausting all means of contacting them, and after the periods specified in the Instructions have expired," and in light of the receipt of a number of complaints from Jordanian customers residing abroad (expatriates) regarding the freezing of accounts belonging to them and the applied periods according to our aforementioned instructions, especially for current and demand accounts.

We emphasize the necessity to adhere to the aforementioned Instructions, by taking proactive measures regarding the date of freezing customer accounts, such that efforts to communicate with them are intensified initially (e.g., one month before the freezing date), and then the account is frozen if that becomes impossible.

Please accept our highest respect,

The Governor
Dr. Ziad Fariz

Website: www.cbj.gov.jo • E-mail: info@cbj.gov.jo • Fax: 4638889, 4639720, 4639731 • Phone: 4630301 • Amman 11118 Jordan • P.O. Box 37

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