dormant bank account ? ?

jambutty · 26-07-2007, 10:57

Not content with raiding the pension funds Gordon Brown is now considering raiding dormant bank accounts.

Is there no end to this guys thieving ways?

What is a dormant bank account? 10 years without a deposit or withdrawal or credited interest? 15 years, 20 years, 50 years?

As far as I am aware any money in a bank account belongs to the named account holder/s and if deceased to their heirs for perpetuity. However there are codes of practice where a bank can declare an account dormant. After that it is a can of worms.

Something to read to try and help clarify the situation.
http://www.publications.parliament.uk/pa/cm200102/cmhansrd/vo011114/halltext/11114h04.htm

http://www.missingcash.co.uk/ might reveal something to your advantage.

beechy · 26-07-2007, 11:55

it would appear that every town in the future
has to have a youth centre
funded by bank accounts that havent
been used for a while
not quite sure how long a while is ?
so hands up accy webbers whose paying for hyndburns

SPUGGIE J · 26-07-2007, 12:03

I wont be but, is that not tantamount to theft what they are planing to do? People who have these accounts are usually traced but if they are dead then it should go to the family and if they cannot it should be put aside.

beechy · 26-07-2007, 12:05

sounds like to much paperwork
lets just build a youth centre

Tin Monkey · 26-07-2007, 12:13

I can't remember clearly, but I read that there are millions of pounds that have been lying in dormant bank accounts for years. These accounts aren't like 10 years old, they are much older than that. There must be loads of accounts that have a few pence in them, or a couple of quid. I have an account with TSB that has about £2 in it, but I don't have any connection with that account and haven't had for 20 years. I don't mind that moeny going to a good cause.

Why not use that money for something useful?

MargaretR · 26-07-2007, 12:31

I have 10p in Sainsburys Bank and they are welcome to it - would cost me more than that to get it

beechy · 26-07-2007, 12:41

Quote:

Originally Posted by Tin Monkey

I can't remember clearly, but I read that there are millions of pounds that have been lying in dormant bank accounts for years. These accounts aren't like 10 years old, they are much older than that. There must be loads of accounts that have a few pence in them, or a couple of quid. I have an account with TSB that has about £2 in it, but I don't have any connection with that account and haven't had for 20 years. I don't mind that moeny going to a good cause.

Why not use that money for something useful?

like the n.h.s. ??

garinda · 26-07-2007, 12:49

'However, there will be a "reclaim fund" so that people do not lose out if they were merely not aware an account was still open.'

Brown champions children with new policies | Society | SocietyGuardian.co.uk

Sounds like a win win situation if in the meantime some of the estimated 400 million is put to good use.

WillowTheWhisp · 26-07-2007, 12:50

If my memory serves me right these sort of accounts are the ones that have such a small balance it wouldn't be worth trying to trace any beneficiary. It would cost more to do that than the money involved. But lots of little balances when added together can make a useful sum.

Still not sure about the ethics of it though.

beechy · 26-07-2007, 13:23

Quote:

Originally Posted by garinda

'However, there will be a "reclaim fund" so that people do not lose out if they were merely not aware an account was still open.'

Brown champions children with new policies | Society | SocietyGuardian.co.uk

Sounds like a win win situation if in the meantime some of the estimated 400 million is put to good use.

not really sure how a reclaim fund could work
im pretty sure no ones going to tell you if your parents had a
stash somewhere that they forgot to tell you ??

beechy · 26-07-2007, 13:25

Quote:

Originally Posted by WillowTheWhisp

If my memory serves me right these sort of accounts are the ones that have such a small balance it wouldn't be worth trying to trace any beneficiary. It would cost more to do that than the money involved. But lots of little balances when added together can make a useful sum.

Still not sure about the ethics of it though.

ethics
burke and hare springs to mind

Tin Monkey · 26-07-2007, 14:53

Quote:

Originally Posted by beechy

like the n.h.s. ??

Maybe, but as that's a bottomless pit, why not spend it on something within local communities?

jambutty · 26-07-2007, 18:52

I started a thread on this topic here http://www.accringtonweb.com/forum/f69/money-grabbing-gordon-again-32448.html

Maybe the mods would like to merge the two threads together.

Gayle · 26-07-2007, 18:58

I think it's an excellent idea. I think I may have £10 still in a Natwest account, I lost my paying in book and never got round to sorting it out. They're welcome to it.

Eric · 26-07-2007, 19:41

Quote:

Originally Posted by [email protected]

I have 10p in Sainsburys Bank and they are welcome to it - would cost me more than that to get it

Now, now .... remember what your gran used to say: "Look after the pennies and the pounds will look after themselves."