What about bank accounts that we don't use?
10/07/2025
It is not enough to leave it abandoned, without paying attention to it. It does not expire, just like that, if we stop using it. When we no longer want to use a bank account, it is necessary to formally cancel it. Leaving it at zero does not mean the same thing, it is not automatically canceled for not having a balance. Cancellation is a formal act, whether it arises from a decision of the client or the entity. Otherwise, the account will remain open and will continue to generate the commissions and obligations provided for in the contract.
An account is considered legally inactive when it has not recorded movements (i.e. transfers, income, payments or any bank transaction) for 20 consecutive years.
In that case, three months before that deadline, the bank must verify, with the information at its disposal, whether there are holders, living or heirs, to whom it must notify the expiration of the term of the account without movements. If there is no response or claim, the funds are transferred to the Treasury. This is done to prevent money laundering and tax fraud and prevent funds from being lost.
As bank customers, it is advisable to follow minimum rules of prudence, such as keeping the data updated in the bank (address, phone, email) and having documented the existence of the accounts, especially if they are long-term savings.
“Disclaimer: Please note that this is a translation of the original in Spanish that has been obtained using eTranslation (the machine translation tool provided by the European Commission), with the intention of giving you a basic idea of the content in English until a human translation becomes available. The Banco de España accepts no liability whatsoever in connection with this translation.”
