§ 4-46. Unused account: the bank's duty to notify

This section protects customers and heirs against money being left forgotten in an account without anyone knowing about it. If more than 24 months have passed since the last transaction, not counting interest that is added, the bank must send a notice about the account. The notice must be sent by registered letter to the last known address of the customer or the heirs, or the bank must in another way get confirmation that the notice has been received.

The notice must have specific content. The bank must state its possible right to terminate the account, and explain the limitation period: when it begins to run, when it expires, and what is needed to interrupt it. Necessary costs of contacting the customer or the heirs may be charged to the account. If the balance is lower than the cost of a registered letter, the bank may send the notice by ordinary mail.

The Limitation Act gives the notice great importance. A claim against the bank for a deposit only becomes time-barred 20 years after a notice has been sent under this section. This applies even if the account earns interest after the notice. However, the claim only becomes time-barred if the bank, before the deadline, has done what can reasonably be expected to contact the account holder or the heirs. The period is interrupted when the account holder comes forward or the account is used, for example by a withdrawal or deposit. The rules apply correspondingly to claims against public funds.

The rule is linked to the bank's right to terminate in § 4-43. There, 24 months without a transaction (interest not counted) is considered a valid reason for notice of termination (oppsigelse). The bank can close the account no earlier than two months after the customer has been notified in writing, but can close it immediately in the event of illegal use or incorrect information. The customer, for their part, can terminate at any time under § 4-42. § 4-44 covers accounts with a fixed term, and § 4-45 gives the bank the right to reserve the right to block a payment instrument (betalingsinstrument).

Example: an account has been untouched for more than 24 months, and the customer has moved without giving a new address. The bank sends a registered letter to the last known address and explains the limitation period. Later, the customer or the heirs can come forward and thereby interrupt the limitation period.