Dorment accounts

ahai1

Does anyone know what is happening? As I just had a quick glance at BBC Parliament. I could not be bothered to listen to it all.

Qasim

see http://news.bbc.co.uk/1/hi/scotland/tayside_and_central/7656688.stm

Lokolo

Ah I have a dormant account with 1p in. The bank refused to close it down as I didn't know when I opened the account (my mum opened it for me when I was young and they wanted to know month and year...).

I took all the money out (which I was allowed to do) and left it. I get statements every now and again!

ahai1

Thanks what kind of causes will the money go to?

richard9991

The labour partys christmas knees up lol

ahai1

That's quite funny but does anyone have a serious answer? What happens to the accounts of dead people? My grand parents are both dead.

Qasim

I assume your parents inherited the money from the accounts?

ahai1

There was no will or anything. There was very little money in them.

ShelfStacker_3

ahai1 wrote: »

There was no will or anything. There was very little money in them.

Surely without a will then the state would apportion inheritance?

But anyway, I have your answer:

Where is this money going to?
If your account has been inactive for a period of 15 years and over, your funds will be passed to a central account held by a Government appointed agency.

So there you go. Same page (here) just says that it'll be reinvested in social, community and environmental causes.

15 years, however, is a long long time. I just put in a search with mylostaccount, will be interesting to see what comes up

ahai1

They had very common names but it is worth a look.

ahai1

I would love to know how to bid for the funding as I work for a community group.