Bruce Banner Posted December 19, 2015 Share Posted December 19, 2015 https://www.gov.uk/government/news/dormant-assets-worth-up-to-1-billion-set-to-revolutionise-charity-funding Whatever you do, don't leave your money in the same account for 15 years or it may be seized and used to inflate the economy. Link to comment Share on other sites More sharing options...
sPinwheel Posted December 19, 2015 Share Posted December 19, 2015 15 years isn't very long? Crazy Link to comment Share on other sites More sharing options...
winkie Posted December 19, 2015 Share Posted December 19, 2015 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????? Link to comment Share on other sites More sharing options...
SpectrumFX Posted December 19, 2015 Share Posted December 19, 2015 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 Link to comment Share on other sites More sharing options...
MrPin Posted December 19, 2015 Share Posted December 19, 2015 It sounds like robbery. Next they will be coming for my baked beans and ammo! Link to comment Share on other sites More sharing options...
winkie Posted December 19, 2015 Share Posted December 19, 2015 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...... Link to comment Share on other sites More sharing options...
Guest eight Posted December 19, 2015 Share Posted December 19, 2015 To be honest, if you've got money you don't know you've got then you've probably got too much money. Link to comment Share on other sites More sharing options...
GloomMonger Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
Bruce Banner Posted December 19, 2015 Author Share Posted December 19, 2015 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? Link to comment Share on other sites More sharing options...
sPinwheel Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
Guest eight Posted December 19, 2015 Share Posted December 19, 2015 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..... Link to comment Share on other sites More sharing options...
Guest eight Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted December 19, 2015 Share Posted December 19, 2015 Bad news for those with 30 year bonds. Link to comment Share on other sites More sharing options...
Frank Hovis Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
Economic Exile Posted December 19, 2015 Share Posted December 19, 2015 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! Link to comment Share on other sites More sharing options...
winkie Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
GloomMonger Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
Frank Hovis Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
MrPin Posted December 19, 2015 Share Posted December 19, 2015 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! Link to comment Share on other sites More sharing options...
Bruce Banner Posted December 19, 2015 Author Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
Frank Hovis Posted December 19, 2015 Share Posted December 19, 2015 Well if you are not using it, I could probably "invest" that very well! You have plenty enough Lexuses and guitars already Mr Pin! Link to comment Share on other sites More sharing options...
MrPin Posted December 19, 2015 Share Posted December 19, 2015 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? Link to comment Share on other sites More sharing options...
Frank Hovis Posted December 19, 2015 Share Posted December 19, 2015 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. Link to comment Share on other sites More sharing options...
MrPin Posted December 19, 2015 Share Posted December 19, 2015 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? Link to comment Share on other sites More sharing options...
Bruce Banner Posted December 19, 2015 Author Share Posted December 19, 2015 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). Link to comment Share on other sites More sharing options...
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