Dormant Accounts
With reference to the UAE Central Bank Regulation No. 106/2018 dated 24th April 2018 on Dormant Accounts, and without prejudice to the provisions of article (474) of Federal Law No. 18 of 1993 on Commercial Transactions, CBI will apply the following treatment to dormant accounts:
Unclaimed Contents of Safe Deposit Boxes
We advise customers who have safe deposit boxes but did not pay the fees should necessarily approach the bank.
Accordingly, if the fees are not paid within 3 months of the date of the public notice, the bank will proceed to open such boxes in accordance with the aforementioned regulation and the provisions of Commercial Transactions Law and deduct all the actual charges incurred by the bank in this regard.
The Bank reserves the right of passing on any actual charges incurred by the bank to the customer in the process of newspapers notice publishing fees, legal cost, mailing fees, opening safe deposit, disposal of contents found in safe deposits etc...
Unpaid dividends to the Bank’s shareholders
We advise shareholders who have not claimed their dividends to approach the bank as there are funds which remain unclaimed to date.
Accordingly, if such funds are not claimed within 3 months of the date of the public notice, the same will be transferred to the unclaimed balances account after the deduction of all the actual charges incurred by the bank in this regard.
Unclaimed Bankers Cheques, Bank Drafts or Cashier Orders
We advise CBI customers who have issued Bankers Cheques, Bank Drafts or Cashier Orders and the amount has not been claimed by the beneficiary(ies) for the previous years, are requested to present the same to CBI at the earliest.
Accordingly, if such funds are not claimed from the bank within 3 months of the public notice, the same will be transferred to the unclaimed balances account after the deduction of all the actual charges incurred by the bank in this regard.
