Good to know...
Submitted by giorgiotan on Wed, 03/30/2011 - 13:21In reply to A newbie all over again! by Annec
Not only in Italy
Submitted by Fillide on Wed, 03/30/2011 - 16:15In reply to A newbie all over again! by Annec
In 2010 Alastair Darling included in his UK budget a 15 year 'dormant' period for assets in all sorts of financial institutions - banks, buildng societies, insurance companies etc. after which period the state would snaffle the money. I think this came into force in summer 2010, and now Cameron is saying he'll use these assets to fund his Big Society bank. (Whether it actually came into force I'm not certain, it might have been one of those promises like guaranteeing UK banking deposits up to £100,00 - which didn't happen, it is still £50,000.) So Italy isn't alone, and their dormant bank accounts are treated in a way quite similar to those in the UK.
glad i'm not the only one
Submitted by alexcal on Thu, 03/31/2011 - 08:01In reply to A newbie all over again! by Annec
glad i'm not the only one giorgiotan, i certainly wasn't feeling myself for that period. Fillede, this is a new one on me... up until recently i read occasional articles in the media stating uk has a very large amount of 'dormant' accounts/assets but never any mention about this. maybe still in stages of being made law.
no sympathy/
Submitted by Flip on Thu, 03/31/2011 - 15:23In reply to A newbie all over again! by Annec
If you can afford to leave money in a Bank Account with it's minimal Interest for 10 years or more then you probably don't need it anyway. If you had been serious about the money you should have invested it in an ISA or other high interest methods, but to leave it untouched/unchecked for that lenght of time you deserve to loose it.....
no sympathy/
Submitted by Flip on Thu, 03/31/2011 - 15:23In reply to A newbie all over again! by Annec
If you can afford to leave money in a Bank Account with it's minimal Interest for 10 years or more then you probably don't need it anyway. If you had been serious about the money you should have invested it in an ISA or other high interest methods, but to leave it untouched/unchecked for that lenght of time you deserve to loose it.....
correct flip but not that
Submitted by alexcal on Thu, 03/31/2011 - 15:36In reply to no sympathy/ by Flip
correct flip but not that simple. it was never my intention to leave the funds that long, as stated above circumstances, out of my control caused me leave the funds. i tried to phone the bank several times to manage the funds but they would not entertain me over the phone.
NO NEED FOR UNSYMPATHETIC ANSWERS
Submitted by Gala Placidia on Thu, 03/31/2011 - 16:33In reply to A newbie all over again! by Annec
I can't see the need for an unsympathetic response to alexcal's thread. As far as I can see, he was not asking for any sympathy as he was just informing us of what may happen with a dormant account and I think we should thank him for the warning. In any case, what members do with their monies is not of our business and certain comments are totally out of order. Sorry, Flip, you must be having a bad day, I guess.
thanks Gala for understanding
Submitted by alexcal on Fri, 04/01/2011 - 10:28In reply to A newbie all over again! by Annec
Just to clear up a
Submitted by Capo Boi on Sun, 04/03/2011 - 11:29In reply to thanks Gala for understanding by alexcal
Just to clear up a mis-conception. The state does not actually grab the money in a dormant account. It is always yours provided that you can show proof and there is no time limit for you to claim. It is true that the government can use the money but reserves are in place to repay the rightful owner if and when he crops up. The whole concept of dormant accounts is based around money that will never ever be claimed. An account can be declared dormant anytime from 3 to 15 years. Various banks use different criteria. Well done alexcal and I'm sure that your currency gain over the last ten years more than compensated for any lost "ISA" interest.
much better expalination
Submitted by alexcal on Mon, 04/04/2011 - 11:54In reply to Just to clear up a by Capo Boi
In reply to A newbie all over again! by Annec
There is a highyl publicised case at the moment of Italians who have had their money 'taken care of' by the State after having dormant accounts, and they are now in court trying to force the government to give it back. The government say its theirs, as they have no paperwork showing who it really belongs to......