History0 min ago
Government to seize cash from unused private bank accounts
Is this right - or is it theft?
http://business.timesonline.co.uk/tol/business /money/savings/article1542957.ece
http://business.timesonline.co.uk/tol/business /money/savings/article1542957.ece
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Most of this money is "lost".
Typically someone dies and the relatives don't know about a savings account, it doesn't get claimed or go through the inheritance process.
It would simply sit in the building societies coffers for ever.
And lets not forget it's not funding government luches here.
This is money going to charity
Typically someone dies and the relatives don't know about a savings account, it doesn't get claimed or go through the inheritance process.
It would simply sit in the building societies coffers for ever.
And lets not forget it's not funding government luches here.
This is money going to charity
To me this seems like a good idea. At present the unclaimed money is doing little good apart from the banks/building society who has the use of it. So this way it gets used for the good of the public - through charitable organisations but if the owner of the money remembers that 15 years ago they opened an account they can claim it back. I mean if you have 'forgot' you had an account 20 years ago you can not be too hard up and desperate can you?
If the savers are not happy, go and reclaim the account
If the savers are not happy, go and reclaim the account
Jake/Ruby - I understand your points. But think about this, you may have stuff lying in boxes in your attic that you haven't touched for 15 years and can't even remember what it is.
That doesn't give the government the right to raid your house and take that stuff from you because 'You're obviously not interested in it and we can put it to good use'.
That doesn't give the government the right to raid your house and take that stuff from you because 'You're obviously not interested in it and we can put it to good use'.
I've read this article twice and I genuinely don't understand why people have a problem with this.
Every year, when banks and buildings societies reveal their financial results, people wail about the obscene profits they're making. And yet here's an opportunity to put the money to charitable use instead.
And here's the killer bit. If you suddenly remember you have an account sitting around that you've not gone near for a decade and a half (and you've not lost your mind), you can go and claim it back.
Two points to remember:
1) When you put your money in a bank, it doesn't sit there, waiting for you, all cosy and nice. It's used by the bank, invested, re-invested, exchanged for foreign currencies, and worked every second of every day to make profits for the bank. So, given that, under the government's plan, you can access you money after 15 years anyway, why would you want it to keep shareholders on foie gras when it could be used to teach a disabled child to walk?
2) The banks aren't trying to relocate these customers to be nice to them. They want their customers to reactivate these accounts so that they can use the money for profit. See point 1.
So yes, just like theft. It's like someone stealing your antiques and then a generation later, when you dozily realise they've gone, you make a phone call and they're brought back to you in mint condition, having gained value. Boo hoo.
Every year, when banks and buildings societies reveal their financial results, people wail about the obscene profits they're making. And yet here's an opportunity to put the money to charitable use instead.
And here's the killer bit. If you suddenly remember you have an account sitting around that you've not gone near for a decade and a half (and you've not lost your mind), you can go and claim it back.
Two points to remember:
1) When you put your money in a bank, it doesn't sit there, waiting for you, all cosy and nice. It's used by the bank, invested, re-invested, exchanged for foreign currencies, and worked every second of every day to make profits for the bank. So, given that, under the government's plan, you can access you money after 15 years anyway, why would you want it to keep shareholders on foie gras when it could be used to teach a disabled child to walk?
2) The banks aren't trying to relocate these customers to be nice to them. They want their customers to reactivate these accounts so that they can use the money for profit. See point 1.
So yes, just like theft. It's like someone stealing your antiques and then a generation later, when you dozily realise they've gone, you make a phone call and they're brought back to you in mint condition, having gained value. Boo hoo.
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