Tories raid dormant accounts.

[Jeros]

What does everyone make of this?

David Cameron raids dormant accounts to pay for Big Society schemes | Mail Online

As much as I hate the tories, as long as the money does not belong to anyone living I don't see the harm. Tho I can see some people with savings accounts over 15 years old getting a shock.

 

[Raven]

Its nothing new and better than going to the banks.

 

[Aoami]

It was Labour's idea, the Torys are just putting it into practice.

 

[Scouse]

I've got a 15-year "dormant" account. It's called savings.

The fuckers better not touch that...

 

[ford prefect]

I don't see it as a problem. It is unlikely after 15 years that an heir is going to come along. It seems like a pretty good use of creative finance to me.

 

[Chilly]

I've got a 15-year "dormant" account. It's called savings.

The fuckers better not touch that...

its not dormant though is it? You deposit every now and then and get account statements mailed to you.

dormant is where the statements get bounced and the account goes silent for years and years and the banks cant positively identify the owner (death/moved/whathaveyou) they dont just nuke without asking.

 

[Scouse]

its not dormant though is it? You deposit every now and then and get account statements mailed to you.

Nope. Haven't deposited since 1993 and it's a book account with the post office so they don't post interest statements or anything.

Only time there's activity on the account is when I take the book into the post office and ask for the interest to be updated - which I never have done

 

[Deebs]

Nope. Haven't deposited since 1993 and it's a book account with the post office so they don't post interest statements or anything.

Only time there's activity on the account is when I take the book into the post office and ask for the interest to be updated - which I never have done

Snap, I have one of those from over 30 years ago with some money in it. Fuckers better not take that from me regardless of how much is in there. The money is legally mine.

 

[Ch3tan]

They had stuff about this on the money program on the BBC today. Very easy to re-activate an old account. Rather than moaning about it, maybe you should spend that energy doing it?

 

[Deebs]

They had stuff about this on the money program on the BBC today. Very easy to re-activate an old account. Rather than moaning about it, maybe you should spend that energy doing it?

Excuse me? Who the fuck decided it was de-activated and required re-activation? I certainly haven't and nowhere in the terms and conditions of the account has it said I must do anything to it apart from keep the book secure.

 

[Ch3tan]

Excuse me? Who the fuck decided it was de-activated and required re-activation? I certainly haven't and nowhere in the terms and conditions of the account has it said I must do anything to it apart from keep the book secure.

Under legislation passed by the Labour government, dormant accounts are defined as having had no account-holder initiated activity for 15 years.

Mr Cameron said: ‘These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the Big Society Bank will - over time - make available hundreds of millions of pounds of new finance to some of our most dynamic social organisations.’

The latest estimates suggest that the funds available could amount to £400 million but banks also have an obligation to try to contact the account holder before they can seize the funds.

That could limit the available pot to around £60 million at the moment.
If account holders find that their money has been taken without their permission, they can request the return of the funds.

Banks occasionally run campaigns to locate their dormant account holders but consumers who want to initiate a search can log on to mylostaccount.org.uk, which allows people to trace overlooked or abandoned bank, building society or national savings accounts.

 

[Deebs]

Thanks, I have several accounts with money in which I have just left there to fester. Have used the website you provided.

Still think Labour are ***** for this legislation.

 

[Raven]

I have about a tenner in an old Lloyds account, not touched it for about 15 years, they are welcome to it. its not worth my time or effort to get at it. There must be a huge amount of accounts around the place with £10-£20 in them that people don't care about.

 

[Scouse]

Excuse me? Who the fuck decided it was de-activated and required re-activation? I certainly haven't and nowhere in the terms and conditions of the account has it said I must do anything to it apart from keep the book secure.

This.

And I'm changing the name of Consliberatives to include Labour too - they're all the same: Fucktwats is their new name.

 

[Ch3tan]

You are a bit confused aren'#t you scouse? You state you are quite liberal and are happy with higher taxes and redistribution of wealth to help the poor, yet you have a problem with the government reclaiming mostly unclaimed / lost money?

As has been pointed out, its easy enough to get some activity on your account, and fairly easy to find an account even if you have lost track of it. The banks have a dedicated website set up specially for this. You can even re-claim the money if the government have claimed it before you realise.

Do you actually realise what a dormant account is under these terms as well?

So why are you actually moaning?

 

[old.user4556]

You guys sound a bit like my stubborn father, yes Labour are cock-knockers for this but is it that big a problem to generate some activity on your account?

 

[Scouse]

You are a bit confused aren'#t you scouse? You state you are quite liberal and are happy with higher taxes and redistribution of wealth to help the poor, yet you have a problem with the government reclaiming mostly unclaimed / lost money?

Nope. Like Deebs, I'm saying my money isn't "unclaimed" or "lost".

It's in an account that I'd very much like to leave well alone, until such time that I decide I'd like to do something with it.

Is it that hard to understand?

 

[Chilly]

so why you havnt been updating the bank with new addresses for the past 15 years? I bet you in the terms you signed and acknowledged you read when you opened it it said you had to keep them informed about such things so they can get in touch. This isnt Switzerland.

 

[Yaka]

Nope. Haven't deposited since 1993 and it's a book account with the post office so they don't post interest statements or anything.

Only time there's activity on the account is when I take the book into the post office and ask for the interest to be updated - which I never have done

its not with the post office its with NS&I ( national savings and investments) if you have not touched it then get in touch with em and up date your details with em and at the very least get a barcode for your book. in the very near future ns&i will most likely have very little to do with the post office and they are thinking of switching everything to be done through their website. oh and the post office wont update the intrest on the book you gotta fill out a form that and post it off

 

[Ch3tan]

Sounds like you are just being pissy for the sake of it. I doubt your account is even classified as dormant...

and not like Deebs at all, tony was quite happy to do something about his account when I posted my quote from the dailyfail article.

 

[Scouse]

I haven't read the dailyfail article

But yes, after hearing about the money-grab that's gonna happen I will be updating this account. But I'm arguing a point of principle - you shouldn't have to touch your accounts...

 

[Sparx]

Everytime i see this title i see Tomb Raider dormant accounts

 

[StRaNgEdAyS]

SO, the bottom line is:
Yay! We've gotten rid of Labour but we're still getting robbed blind behind our backs!
Does that about cover it?

 

[Wazzerphuk]

No, only the people stupid enough to let money rot for decades without touching it are being robbed. ;]

 

[nath]

Out of interest, a question to the naysayers. Do you think the money that effectively has no owner should be left to rot, or are you saying there's a better way to get it back in to the economy?

 

[Deebs]

Out of interest, a question to the naysayers. Do you think the money that effectively has no owner should be left to rot, or are you saying there's a better way to get it back in to the economy?

It will always belong to someone, next of kin, an estate etc. If the estate has no beneficiaries then by all means the state can then take it, until then HANDS OFF!

 

[nath]

It will always belong to someone, next of kin, an estate etc. If the estate has no beneficiaries then by all means the state can then take it, until then HANDS OFF!

That's my point, if there's no beneficiary, what's the best way to get hold of that money? Accounts that have had zero activity for a set period of time seems like a sensible answer but is there a better way?

 

[TdC]

actually, imo the people most displeased by this will be the banks.

 

[milou]

Similar news: Review into abandoned betting accounts

 

[Mey]

Our procedures in regards to Dormat accounts changed the other day, I bet this has something to do with it.

Didn't actually read what has changed, will do later and post comments ;P