Banking Act · s 86

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s 86Bank must first make reasonable efforts to ensure owner is paid money

(1)

A bank that holds any money of a kind referred to in section 85

in an account referred to in section 84(1) shall make reasonable efforts —

(a)

to identify and locate the owner of the money; and

(b)

to ensure that the money is paid to the owner of the money.

(2)

Money held by a bank in an account is not unclaimed money, notwithstanding the provisions of section 84, unless, after making reasonable efforts and after a reasonable period has passed, the bank is unable to ensure that the money is paid to the owner of the money.

(3)

This section does not apply in respect of any money that is not unclaimed money because of section 87.

Banking 84