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The bank finally caught him when he transferred pounds 50,000 from its unclaimed balance account into her high interest savings account.
The bank must publish a notice in two local newspapers (one in Arabic language and one in English language) giving details of the unclaimed amount if no response is received from the customer for a period of three months after the publication, the balance should be transferred to the unclaimed balances' account held by the bank.
The bank must publish a notice in two local newspapers (one in Arabic and one in English) giving details of the unclaimed amount and if no response is received from the customer for a period of three months after the publication, the balance should be transferred to the unclaimed balances account by the bank.
It answers some pertinent and previously unaddressed questions in respect of dormant accounts including the handling of dormant accounts and unclaimed balances; the establishment of a general framework for the control and protection of dormant accounts in UAE banks; and a process for enabling available balances of those accounts to be received by customers.
The bank must publish a notice in two local newspapers (one in Arabic language and one in English language) giving details of the unclaimed amount and if no response is received from the customer for a period of three (3) months after the publication, the balance should be transferred to the unclaimed balances account held by the bank.
The BSP said banks must give three notices to dormant accounts: potential dormancy prior to the commencement of the dormancy period; charging of dormancy fee; and escheat of account pursuant to the Unclaimed Balances Act.
However, with a view to protect the financial interests of the senior citizens, it is proposed in this new budget that a committee will be set up to study how the unclaimed balances with Public Provident Fund, Post office savings account and other savings schemes can be utilised.
* If no owner information exists or if owner information is challenged, then the holder's state of incorporation (State C) may have a basis for escheating unclaimed balances.
* Alternatively, if the state of the owner's residence (State B) does not escheat unused gift card balances, then the holder's state of incorporation (State C) may have a basis for escheating unclaimed balances.
HAVE a look in your files or cupboards for old, unused bank books, as there are thousands of pounds lying around in unclaimed balances.
(7) Given the enormous growth in the sale of retail gift cards in recent years, and an estimated 5 percent average rate of nonredemption of card value by gift-card owners, it is almost inevitable that in coming years states will more closely scrutinize service charges that are deducted from unclaimed balances by gift certificate and gift-card issuers.
He also had loans totalling pounds 40,000 credited to her account but was finally caught out when in May 2003 he transferred pounds 50,000 from the bank's unclaimed balances account into her high interest savings account.
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- Unauthorized Insurer
- Unauthorized Investment
- Unauthorized Practice of Law
- Unauthorized Reinsurance
- Unauthorized Transfer
- Unauthorized Use
- Unavoidable Costs
- Unbalanced Growth
- Unbiased Estimator
- Unbiased expectations hypothesis
- Unbiased predictor
- Unbundled Life Insurance Policy
- Uncalled Capital
- Uncertain Tax Position
- uncertainty and risk
- Uncertified Unit
- Uncharged Arrearage
- Unclaimed Balance
- uncollected funds
- Uncollectible account
- Uncommitted Facility
- Unconditional Bid
- Unconditional Vesting
- Unconfirmed Letter of Credit
- Unconscionable Bargain
- Unconsolidated Subsidiary
- Uncovered call
- Uncovered call writing
- Uncovered Interest Arbitrage
- uncovered option
- Uncovered options
- Uncovered put
- Uncovered Put writing
- undated security
- Undeliverable Billing Document
- Under Reporting
- Under the belt
- Under the Counter
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- Unclaimed Assets Register
- unclaimed baggage
- Unclaimed Baggage Center
- Unclaimed Balance
- Unclaimed Balances
- Unclaimed Property Holders Liaison Council
- Unclaimed Property Professionals Organization
- Unclaimed Property Recovery and Reporting
- Unclaimed Property Recovery Specialists
- Unclaimed Property System
- unclamping of the left atrial cannula
- unclamping of the left ventricular cannula