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Full Version: Gordon Brown to raid dormant Bank Accounts
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I thought perhaps on this forum we have a few people with dormant bank accounts;


http://news.bbc.co.uk/1/hi/business/6375731.stm

According to the BBC "Chancellor Gordon Brown has said that he wants to redirect cash in dormant accounts to good causes. "

Yeah, right. :???:
A rview of the Halifax website states that a domant account is one that is unused for more than 15 years.
We've just tried to access one of the childrens Lloyds young savers accounts and been told it's dormant, he's nearly 8, we've been out of the country for six so they obviusly draw the line differently.

Wonder where Gordon will draw the line ???

I don't quite get this, it's privately held money in the accounts of independant institutions, how can they just decide to take it?

Beest @ Wed Mar 21, 2007 12:54 Wrote:
We've just tried to access one of the childrens Lloyds young savers accounts and been told it's dormant, he's nearly 8, we've been out of the country for six so they obviusly draw the line differently.

Wonder where Gordon will draw the line :???:

I don't quite get this, it's privately held money in the accounts of independant institutions, how can they just decide to take it?


This is England.
A combination of the 'elected dictatorship' and the supremacy of parliament means that they can do pretty much what they please.

The same or similar rules apply to accounts in the US.In fact I think they apply at a much lesser term than 15 years.
I guess I won't be too upset if the govt. spends however much it costs to obtain my 26p or however much is left int he account. I'm sure the bank has spent more than that sending me statements.

Beest @ Wed Mar 21, 2007 12:54 pm Wrote:
We've just tried to access one of the childrens Lloyds young savers accounts and been told it's dormant, he's nearly 8, we've been out of the country for six so they obviusly draw the line differently.

Wonder where Gordon will draw the line :???:

I don't quite get this, it's privately held money in the accounts of independant institutions, how can they just decide to take it?


How do you propose closing such accounts?

If you go on long enough, most of the bank's reserves could be in dormant accounts, with no resolution on who owns it. Better that it went to a good cause than let the bank use it for reserves.

Scramble @ Wed 21 Mar, 2007 9:19 pm Wrote:
I guess I won't be too upset if the govt. spends however much it costs to obtain my 26p or however much is left int he account. I'm sure the bank has spent more than that sending me statements.


But if you ever go back you'll be furious that you have to start from scratch with an account. It's much harder than it used to be.

monster @ Thu 22 Mar, 2007 Wrote:

Scramble @ Wed 21 Mar, 2007 9:19 pm Wrote:
I guess I won't be too upset if the govt. spends however much it costs to obtain my 26p or however much is left int he account. I'm sure the bank has spent more than that sending me statements.


But if you ever go back you'll be furious that you have to start from scratch with an account. It's much harder than it used to be.


Every year ask for a summary or put a token $ or withdraw some in that should keep it active.

londonsquare @ Thu 22 Mar, 2007 Wrote:
Better that it went to a good cause than let the bank use it for reserves.


While the socially responsible side agrees this is true, the cynical side wonders what administation will have to be set up to do this, and how much of the money will therefore go into some sort of fat cat board members pockets for the diffiult task of dishing out somebody elses money.

Beest @ Fri Mar 23, 2007 11:53 Wrote:

londonsquare @ Thu 22 Mar, 2007 Wrote:
Better that it went to a good cause than let the bank use it for reserves.


While the socially responsible side agrees this is true, the cynical side wonders what administation will have to be set up to do this, and how much of the money will therefore go into some sort of fat cat board members pockets for the diffiult task of dishing out somebody elses money.


not to mention what might be defined as a 'good cause'.

time to replace Trident everybody?

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