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Zenith Bank Issues Two-Week Ultimatum for Dormant Account Holders

Zenith Bank Issues Two-Week Ultimatum for Dormant Account Holders

Zenith Bank Ghana has urged account holders with dormant accounts to take action within the next two weeks.

Those who have not operated their accounts for five years are particularly affected, as the bank is adhering to the Banks and Specialized Deposit-Taking Institutions Act of 2016 (Act 930). The bank said Failure to respond will result in these accounts being transferred to the Bank of Ghana, as mandated by the law.

The bank’s directive emphasizes the importance of maintaining active accounts to avoid complications. Customers are encouraged to visit any Zenith Bank branch to reactivate their dormant accounts or inquire about their status. This action is part of a bigger directive to ensure compliance with regulatory requirements and enhance customer engagement.

Dormant accounts are defined as those that have seen no transactions over a five-year period. According to Act 930, such accounts must be reported and subsequently transferred if they remain inactive. Zenith Bank’s aims to safeguard customer funds while fulfilling its legal obligations.

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Account holders are reminded that reactivating their accounts is a straightforward process. By visiting a branch, customers can provide necessary documentation and resume their banking activities without hassle. Zenith Bank has made it clear that it values its customers and aims to support them through this transition.

This ultimatum comes amid increasing scrutiny of banking practices in the country, as financial institutions strive for transparency and accountability.

As the deadline approaches, Zenith Bank is urging all affected customers to act promptly. The bank’s management has reiterated its dedication to providing excellent service and ensuring that all clients can access their funds without unnecessary complications.

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