Inactive accounts and money to charity???

window_cleaner

Does anyone have any up-to-date inormation on the situation regarding dormant accounts and the putting of money therefrom into charities?

I have a paper clipping from a few weeks ago that says about this, but I can't find much on the subject.

Is it true that 'they' could take your money if you simply leave it gaining interest but do not make any transactions?

Seems scandalous.

jonesMUFCforever

No one can take any money from your account without your authority. If you have not used a particular account for a few years it might become dormant but it is still your money.
To reactivate an account you will need to contact the bank with identification and address confirmation.

Caped_Avenger

There is a danger in this happening, of course.

If a bank closes your account as "dormant", they will transfer the money to an 'unclaimed balances' account, and note the amount of your money they have transferred there.

If you then request the money in a few years' time, the money won't have been accruing interest, and will therefore have depreciated. I appreciate that the amounts of money involved in this kind of process will be relatively low, but will make losses for customers nonetheless.