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House Price Crash Forum

And For Their Next Trick - Dormant Assets


Bruce Banner

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HOLA441
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HOLA442
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HOLA443

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?????

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HOLA444

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 :)

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HOLA445
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HOLA446
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HOLA447
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HOLA448
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HOLA449
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HOLA4410
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HOLA4411

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.....

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HOLA4412

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.

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HOLA4413
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HOLA4414

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.

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HOLA4415

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!

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HOLA4416

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.

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HOLA4417

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.

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HOLA4418

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.

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HOLA4419

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:

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HOLA4420

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.

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HOLA4421
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HOLA4422

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?

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HOLA4423

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.

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HOLA4424

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?

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HOLA4425

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).

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