In a startling revelation, sources disclosed to Al-Rai that an estimated 90 million dinars lay dormant in local bank accounts, with thousands of these accounts holding forgotten funds. Some of them even started with amounts as minimal as 5 dinars.
The majority of these dormant accounts were initially opened for children, while a significant portion can be attributed to accounts belonging to former residents of Kuwait who have since left the country.
Following directives from the Central Bank of Kuwait, banks undertook an extensive review of their systems, identifying accounts with limited activity and estimating the amounts associated with them. It is to be noted that this review did not include accounts of the deceased.
To safeguard against potential risks, banks have implemented strict protective measures, including granting exclusive authority to high-ranking employees to manage residential accounts. This aims to prevent unauthorized access or activation by ordinary staff members.
In response to the identified forgotten funds, some banks have adopted a novel approach. They have agreed to transfer these funds to an active account of the respective customer. This step not only preserves the rights of customers who may claim these funds in the future but also enables banks to close these dormant accounts, minimizing operational costs.