€28.5m on way to support services from Dormant Accounts Fund

€28.5m is to be distributed from the Dormant Accounts Fund, which applies to bank accounts which have not had any transactions for 15 years.

The money will be spent on tackling economic, social or educational disadvantage; or on services for people with a disability.

Banks must contact you if you have not carried out a transaction on your account in 15 years or more.

If the bank cannot contact you, the money in the account will be transferred to the Dormant Accounts Fund.

The rights of the original account holders (or their heirs) are not affected by the transfer to the Fund and they can always reclaim the money, including interest.