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

Joint Account
Loan Grading
Interchange Rate
Going long
Dutch auction

More Financial Words and Vocabulary Explained