Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

Bruce Banner

And For Their Next Trick - Dormant Assets

Recommended Posts

This will be a growing concern and a big problem to many in the future.....years ago people if they held a bank or savings account, a passbook, statement or cheque book could easily be found and therefore money found.......today people open and close, move and switch to and from many financial institutions..... All password secured..... Sometimes people forget what they have or haven't got, what is open, what is closed and where what money is and or what password will access it....we forget or are locked out, how will family or inheriters know where anything is?????

Share this post


Link to post
Share on other sites

This will be a growing concern and a big problem to many in the future.....years ago people if they held a bank or savings account, a passbook, statement or cheque book could easily be found and therefore money found.......today people open and close, move and switch to and from many financial institutions..... All password secured..... Sometimes people forget what they have or haven't got, what is open, what is closed and where what money is and or what password will access it....we forget or are locked out, how will family or inheriters know where anything is?????

No need to worry. If you don't know, then the nice man from the government will spend it for you :)

Share this post


Link to post
Share on other sites

It sounds like robbery. Next they will be coming for my baked beans and ammo!

Share this post


Link to post
Share on other sites

No need to worry. If you don't know, then the nice man from the government will spend it for you :)

Bail-ins.......and you or anyone else will realise it......

Share this post


Link to post
Share on other sites
Guest eight

To be honest, if you've got money you don't know you've got then you've probably got too much money.

Share this post


Link to post
Share on other sites

To be honest, if you've got money you don't know you've got then you've probably got too much money.

Not if you have forgotten how much you have.

Share this post


Link to post
Share on other sites

To be honest, if you've got money you don't know you've got then you've probably got too much money.

But it still belongs to you/your estate. Why should you have to remember to access each account you have every fifteen years?

Share this post


Link to post
Share on other sites

To be honest, if you've got money you don't know you've got then you've probably got too much money.

If you die with a single penny in your account, you have too much money.

Share this post


Link to post
Share on other sites
Guest eight

But it still belongs to you/your estate. Why should you have to remember to access each account you have every fifteen years?

Well to check it's still there, under these measures.....

Share this post


Link to post
Share on other sites
Guest eight

Not if you have forgotten how much you have.

I've been really quite poor in the recent past, and I can assure you it wasn't because I had forgotten about the twenty grand I had in the Midland Bank.

Share this post


Link to post
Share on other sites

I've had loads of investments for over 15 years but done nothing with them bar collect the dividends.

Is this a forced way to make me generate commission for brokers by churning them? Something I don't like because the fees and wide buy / sell spread on some of my more speculative investments means a minimum five year time horizon.

Share this post


Link to post
Share on other sites

I used to work for the Royal Bank 22 years ago. We had to write out to dormant account holders and if there was no response the accounts were closed. Some of the balance of the closed accounts were very large.

As has been mentioned before, back in those days the account holders had a pass book so that relatives found them when winding up estates. Make sure you keep a record of all your investments and accounts with your will!

Share this post


Link to post
Share on other sites

Not if you have forgotten how much you have.

Quite.....only takes a few pounds in many forgton about accounts to add up....plus interest.

How many people actually close an account when they remove the money, interest is payable annually?......... There must be many thousands of inactive accounts out there, many with balances less than £50....every little bit helps.

Share this post


Link to post
Share on other sites

I've been really quite poor in the recent past, and I can assure you it wasn't because I had forgotten about the twenty grand I had in the Midland Bank.

But what about that abbey national account grandma used to put £10 in every week when you were a nipper? If you've forgotten you might not remember.

Share this post


Link to post
Share on other sites

Not if you have forgotten how much you have.

Done that. I tried to close some deposit account and it turned out that I couldn't because I had £20k of deposit bonds hanging off it that I'd forgotten about it. I had so forgotten about them that my reaction was "No I haven't".

I told it in work that afternoon because I thought it was a funny story that made me the butt of the joke, but the universal reaction was "How the hell can you forget about £20k?". I didn't tell it again until now.

Share this post


Link to post
Share on other sites

Done that. I tried to close some deposit account and it turned out that I couldn't because I had £20k of deposit bonds hanging off it that I'd forgotten about it. I had so forgotten about them that my reaction was "No I haven't".

I told it in work that afternoon because I thought it was a funny story that made me the butt of the joke, but the universal reaction was "How the hell can you forget about £20k?". I didn't tell it again until now.

Well if you are not using it, I could probably "invest" that very well! :blink:

Share this post


Link to post
Share on other sites

Done that. I tried to close some deposit account and it turned out that I couldn't because I had £20k of deposit bonds hanging off it that I'd forgotten about it. I had so forgotten about them that my reaction was "No I haven't".

I told it in work that afternoon because I thought it was a funny story that made me the butt of the joke, but the universal reaction was "How the hell can you forget about £20k?". I didn't tell it again until now.

Easily done. I found one with £10K in it last week, I thought I'd reduced the balance to a couple of quid, to keep it open, but I hadn't.

Share this post


Link to post
Share on other sites

Easily done. I found one with £10K in it last week, I thought I'd reduced the balance to a couple of quid, to keep it open, but I hadn't.

Are you getting "forgetful" in your old age?

Share this post


Link to post
Share on other sites

Easily done. I found one with £10K in it last week, I thought I'd reduced the balance to a couple of quid, to keep it open, but I hadn't.

Yep, you put a lot of effort into making correct investment decisions but once done there's no further interest because you trust that they'll do what you intend and then pay you back. You don't keep checking on them so several years down the line you're not going to be calling them to mind.

Share this post


Link to post
Share on other sites

You have plenty enough Lexuses and guitars already Mr Pin!

I have one anciant Lexus, and several guitars! More then I need really.Maybe somebody would buy one?

Share this post


Link to post
Share on other sites

Yep, you put a lot of effort into making correct investment decisions but once done there's no further interest because you trust that they'll do what you intend and then pay you back. You don't keep checking on them so several years down the line you're not going to be calling them to mind.

I tend to pick up that sort of thing in the run up to the new tax year when I know I'll need to find £30k ish for our next year's ISA allowances.

Not that ISA rates are much cop at the moment, but the more I get in ISA wrappers the better for when rates improve. When you're retired it pays to minimise tax (and risk).

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   29 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.