Posted on 07/19/2010 8:38:49 AM PDT by E. Pluribus Unum
The idea to make use of money lying wasted in old and forgotten bank accounts was first included in Labour’s general election manifesto in 2005 and became law three years later. Two years on, however, the first funds have yet to be passed to community projects or charities. Under the terms of the 2008 Dormant Bank Accounts Act, money left untouched for at least 15 years was due to be used for youth facilities, literacy projects and a social investment bank which would have awarded grants to community groups. But law also stated that the money could not be tapped into until the Treasury established a “Reclaim Fund” to attempt to track down savers with dormant accounts. This has yet to happen. A banks or building society account is classed as dormant if there has been no customer activity, such as a transaction or query like a statement request, for 15 years. An estimated £500 million lies dormant in bank and building society accounts, and another £435 million in National Savings and Insurance. Account holders may have moved abroad or forgotten about their money, or could have died without leaving a will. Following the announcement of a Big Society Bank, money will now begin to flow from dormant banks from April 2011. The Treasury admits, however, that the banks are unlikely to be in a position to pass on more than £60 million by then. Account holders who discover the existence of a dormant account in their name in future will still be able to claim the funds, even if the money has already been given to the Big Society Bank.
(Excerpt) Read more at telegraph.co.uk ...
This won’t be abused.
Coming to a country near you sooner than you think...
I think most states consider an account abandoned (and therefore snatchable) long before 15 years.
I rest my case...
;^P
TODAY. Just received a letter from my Federal Credit Union stating that they were going to take my account because it has been inactive for 5 years. Money will be turned over to NYS Comptrollers Office.
Was that soon enough for ya?
Does making a deposit count as activity? If so, set up an annual deposit of a random amount to keep it active.
Dear Sir,
All your bank accounts are belong to us.
In most states, the state holds these monies in escrow as abandoned property. By filling out the proper paperwork (and most states now have searchable databases online with links to the proper forms) you can get such property back. The states don’t liquidate the funds; they invest the funds and use that money to fund projects.
I knew about unclaimed funds held in bank accounts, but not investment accounts. Something is not right about that whole situation.
It’s less than a billion Quid. It’ll be spent inside of a month with nothing substantial to show for it.
I'm not sure, but this is not an incentive to keep your money in a bank account.
All money rightfully belongs to the government.
Never forget it.
Theft, plain and simple.
Coming to a country near you sooner than you think...
some hard-up state governments have already done that here
http://www.thelivingweb.net/found_money.html
Each state holds millions and even billions of dollars in abandoned funds: New York state alone is holding over 5 billion dollars just in bank accounts and security deposits, and California holds over 3 billion dollars.
WHO SUPERVISES THESE FUNDS????????????????????
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