Having money in an old bank account left for years without any transactions may seem harmless, but there is a little-known rule in Portugal that may lead to that money reverting to the State. A bank account does not simply disappear by being left unused; it can remain open for several years, even without transfers, withdrawals or payments. During this period, the bank may continue to charge fees and other charges provided for in the contract, which means a dormant balance may decrease over time.
According to Portuguese legislation, certain funds deposited in financial institutions may be considered abandoned in favour of the State after 15 years. For this to happen, it is not enough for the money to remain idle: during this period, the account holder must not operate the account or clearly assert their right to the deposited funds. Contacting the bank or other actions demonstrating that the account holder remains interested in that money may be relevant in preventing the funds from being considered abandoned.
Even after the 15 years have passed, the money is not automatically transferred to the State. The financial institution must comply with the established procedures and try to locate the account holder, and may also seek the respective heirs if the account holder has passed away. Only after these steps have been completed may the funds be considered abandoned and delivered to the State.
Anyone who suspects they may still have an old bank account can use the Banco de Portugal's Account Database free of charge. Through this service, it is possible to find out in which institutions a person has or has had accounts in their name, although the information does not include the existing balance. Keeping personal details updated with the bank and closing accounts that are no longer used can avoid unnecessary fees and prevent an account from being forgotten for years.
