Dormat account

A dormant account refers to an account that has no activity over a specified period of time.

This could be an ordinary current account or perhaps a savings account, but either way it is a label applied to an account that appears to be unused or even forgotten about. It could be that it's not been used for 3, 5, 10, 15 years: it varies from country to country and even from financial institution to financial institution.

Related Articles

Boiler Plate
Financial Planning
Insolvency
Covenant
Minimum payment

More Financial Words and Vocabulary Explained