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(1) Where a current or savings account has not been operated for a period of two years or a time deposit account has not been operated for a period of two years after the date of maturity of the deposit, a withdrawal shall not be made on the account except with the permission of two authorised officers of the bank or specialised deposit-taking institution involved.

(2) An account referred to in subsection (1) shall be transferred to a separate register of dormant accountsin the books of the bank or specialised deposit-taking institution and a notice in writing of that action shall be given to the depositor at the last known address of the depositor.

(3) Where an account which is transferable under subsection (2) is subject to a service charge, or is an interest bearing account, the charge may continue to be levied or the interest accrued up to the date on which the account was transferred to the register of dormant accounts.

(4) Where an account is transferred to a register of dormant accounts and the account has been on the register for three years, the bank or specialised deposit-taking institution shall advertise in at least two daily newspapers of national circulation the fact that the account has been on the register of dormant accounts for three years.

(5) An account may be transferred out of the register of dormant accounts on a request by the depositor or the legal representative of the depositor where a depositor is dead or incapacitated.

(6) Where an account has been in the register of dormant accounts for a period of three years and that fact has been advertised as required under subsection (4), the balance on the account shall be transferred to an account earmarked for that purpose at the Bank of Ghana.

(7) Where a balance has been transferred under subsection (6), the Bank of Ghana shall, on a request, refund any unclaimed balances to the depositor, or if the depositor is dead, to the legal representative of the depositor.