Inactive accounts and unclaimed life insurance: how to get the money back?

Verified 10 May 2021 - Directorate for Legal and Administrative Information (Prime Minister)

Inactive accounts are accounts that do not have a transaction for a long period of time. Financial institutions shall periodically close inactive bank accounts and unclaimed life insurance contracts and company savings plans. They then have to transfer the money to the Caisse des dépôt et consignments. The organization's mission is to keep the money and help the beneficiaries recover it via the Ciclade online service.

Banks, insurance companies and wage savings organizations are required to identify inactive accounts and unclaimed life insurance opened in their institutions each year.

The criteria for declaring an account inactive differ depending on whether the account holder is alive or deceased.

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The incumbent is alive

This is a current account

A current account shall be declared inactive in any of the following situations:

  • The account holder has not made any transactions (deposit, withdrawal, letter, mail, connection to the customer area) over a period of 12 months
  • Over a period of 12 months, the account holder or his legal representative did not report to the bank and did not make any transactions on another account opened in the same bank
This is a savings account

A savings account shall be declared inactive in any of the following situations:

  • The account holder has not made any transactions (deposit, withdrawal, letter, mail, connection to the customer area) over a period of 5 years
  • Over a period of 5 years, the account holder or his legal representative did not report to the bank and did not make any transactions on another account opened in the same bank

The incumbent has died

An account whose holder has died shall be declared inactive if, for a period of 12 months following the death, none of the persons entitled has claimed the assets of the account from the bank.

FYI  

when the account has become inactive as a result of a court order or law (for example, sequester), the account is not considered inactive.

When an account becomes inactive, the bank must inform the account holder by any means that the account has become inactive and is in danger of being closed. The bank must also give the same information to the legal representative of the holder or his successors in title.

The bank may close inactive accounts and unclaimed life insurance contracts if it does not hear from the holder or his representatives for a certain period of time after having alerted them. In this case, the bank must transfer the funds to the Caisse des Dépôts et Consignations (CDC). The period after which the bank can close the account or contract varies depending on whether the holder is alive or deceased.

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The incumbent is alive

Bank account is inactive

10 years after notifying the account holder that his account had become inactive

The life insurance contract has not been claimed

10 years after life insurance contract expires

Deceased licensee

3 years after the death of the inactive account holder or the unclaimed life insurance contract

Caisse des Dépôts et Consignation has set up a free online service to allow everyone to check whether they are a beneficiary of an inactive account or an unclaimed life insurance contract.

The search is limited to the following accounts and contracts:

  • Bank accounts and life insurance contracts opened in metropolitan France and the overseas departments
  • Accounts opened in overseas communities (New Caledonia, French Polynesia, Wallis and Futuna)

Find out if you have an inactive account (Ciclade)

If you hold or benefit from an inactive account or an unclaimed life insurance contract, the Ciclade online service allows you to take steps to recover the money.