G&G Consultants
EXPERIENCED FINANCIAL CONSULTANTS
Unclaimed Moneys
REPORT
Moneys in the entity's savings will only be Unclaimed Moneys if the moneys is payable under the law but is still not paid within the specified period of time according to the provisions of the Act. Moneys in dispute between the parties having interest in it will only become payable under the law when the said dispute is resolved. After that, the money that is still not paid to its owner after the period of one year of within a longer period as decided will be known as unclaimed moneys.
Definition of Unclaimed Monies
- Moneys which are legally payable to the owner but have remained unpaid for a period of not less than one year.
Examples under this category are:
- Salaries, wages, bonuses, commissions and other payments due to employees;
- Dividend;
- Profits declared for distributions;
- Insurance claims which have been approved for payment;
- Bank draft, cashier's order and other documents of similar nature which validity period have lapsed;
- Fixed deposits (without automatic renewal instructions ) which have matured;
- Tender deposits for which the intended purpose has been fulfilled;
- Sundry creditors or sundry debtors with credit balance.
2. Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years
Examples under this category are:
- Saving account;
- Current account;
- Fixed deposit (with automatic renewal instructions).
3. Moneys to the credit of a trade account that has remained dormant for a period of not less than two years.
Examples under this category are:
- Trade creditors account
- Trade debtors account with credit balance.