1. Introduction

This policy outlines the procedures and requirements for managing dormant accounts and unclaimed balances at Suma Rural Bank Plc, in accordance with the Bank of Ghana's Unclaimed Balances and Dormant Accounts Directive (February 2021). The aim is to ensure that the Bank adheres to regulatory requirements while safeguarding the interests of customers and protecting the funds held in such accounts.

2. Scope

This policy applies to all accounts held at Suma Rural Bank, including current accounts, savings accounts, fixed deposit accounts, prepaid cards, and other financial products that become dormant or have unclaimed balances.

3. Definitions

• Dormant Account:

An account is classified as dormant when there has been no customer-initiated activity (such as deposits, withdrawals, transfers, etc.) for a period of two (2) years.

• Unclaimed Funds:

Balances on dormant accounts that are due for transfer to the Bank of Ghana as specified by the directive. • Customer-Initiated Activity: Any action taken by the account holder or their legal representative, such as making a deposit, withdrawal, transfer, or payment from the account.

4. Classification of Dormant Accounts

• An account shall be classified as dormant when there has been no customer-initiated activity for two (2) consecutive years, including withdrawals, deposits, transfers, and payments. • For fixed deposit accounts that roll over without the customer’s instruction, if the rollover persists for more than three (3) consecutive cycles or two (2) years, the Bank will take steps to update the account and re-identify the customer. • Other accounts with no activity for two (2) years will also be classified as dormant.

5. Creation of Dormant Account Register

• Suma Rural Bank will maintain a separate Dormant Account Register for all accounts classified as dormant. • Dormant accounts will not incur any service charges, and interest will cease to accrue on interest-bearing dormant accounts. • Accounts with balances below the minimum threshold set by the Bank of Ghana may be closed after due notice, and the funds transferred to the customer or to the Bank of Ghana if the customer cannot be contacted.

6. Notification and Communication of Dormancy

• Customers will be notified at least three (3) months prior to their accounts being classified as dormant. • Notification methods may include phone calls, SMS, emails, physical visits, or any other method agreed upon during account opening. • If attempts to contact the account holder are unsuccessful, the Bank will make efforts to contact the Next of Kin or designated individual. • All associated costs for contacting the customer will be borne by Suma Rural Bank.

7. Dormant Account Reactivation

• If an account holder or their legal representative requests reactivation of a dormant account, they must complete account reactivation form which should be accompanied by Ghana card. • Activation of a dormant account will require the approval of two authorized officers (Branch Manager and other officer) • Reactivation requests will not incur any fees or charges. • The reactivation form must be properly filed.

8. Publication of Dormant Accounts

• Dormant accounts that have remained inactive for three (3) years will be published in local media, bank’s notice board and website. • The published notice will include the account holder's name, branch, and the date the account became dormant. The affected accounts will be transferred to the Bank of Ghana after publication, if no claim is made. • No customer-sensitive information will be disclosed to any third parties.

9. Transfer of Unclaimed Balances to Bank of Ghana

• Accounts that have been dormant for three (3) years and have been advertised will have their balances transferred to the Bank of Ghana. • This transfer will take place 21 to 28 days after publication of the dormant account notice. • The Bank will ensure that all necessary details of the dormant accounts and beneficiaries are submitted to the Bank of Ghana in the prescribed format.

10. Claims for Unclaimed Funds

• Customers who wish to reclaim funds from dormant accounts transferred to the Bank of Ghana must submit a claim through Suma Rural Bank. • The Bank will validate the claim and submit the request to the Bank of Ghana within five (5) working days. • Upon validation by the Bank of Ghana, the funds will be transferred to the claimant’s account, excluding any interest.

11. Reporting Requirements

• Suma Rural Bank will submit monthly returns to the Bank of Ghana regarding dormant accounts and the reactivation of such accounts. • These reports will include details of accounts transferred to the dormant account register and any reactivations that have occurred.

12. Policy Review

• This policy will be reviewed periodically, or as required, to ensure compliance with any changes in legal and regulatory requirements. The policy will be updated as necessary and communicated to all relevant staff members.

13. Policy Adoption:

This policy has been considered and approved by the Board on 26th day of Apirl 2025