We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
DORMANT ACCOUNT?
Options
gwrach
Posts: 12 Forumite
Nat West Bank sent all my husband's savings from his company to the Treasury in 2018 without informing us. He had a stroke in 2015 and had to close the company. From what I have read, the Law in 2009 states that if the Treasury wanted to claim this money in under 15 years, it had to be agreed with the Minister. Does anyone k now if this is illegal?
0
Comments
-
It’ll probably be classed as unclaimed assets, when was the last time he used the account (paid in/withdrew)?
certainly not illegal, they don’t have to ask permission from a minister, it just ups and goes to Prince Charles, though it can be claimed back.
did the business have debts when it closed? Your husband may need to reinstate the business if he does which potentially opens up a Pandora’s box if he does have debts.helpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)0 -
A bank account does not go dormant within 3 years. So, there is likely a different issue here.
Did your husband close the company or was it force closed after going dormant? (account being dormant being different to a company going dormant).
The money needs to be drawn from the company before it is closed. You are suggesting it wasn't.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The business has been reinstated and I am claiming the money back from the Treasury, because since he has had a stroke my husband cannot speak and has other cognitive issues. |He has no debts.
Thank you very much for your reply0 -
I love your "helpful tips". I am amazed at the number of people today who can't understand basic spelling/grammar1
-
The accountant closed the company, because, in all, this has taken 5 years. Nat West gave no explanation as to why they closed it. I did not know that the money existed until later. I hope we get the money back. The Treasury certainly do not make it easy and want copies of everything you can think of and insist that all documents are sent electronically. What about people who do not have a pc or a printer or scanner?
0 -
Forgot to ask, are Nat West supposed to inform us in writing, when they do this, because that is what I read.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards