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Brown preparing to raid banks for 'dormant' 4bn

... according to The Times today. Apparently, the Government defines dormant accounts as those that have been inactive for three years.

What does 'inactive' mean? I have a savings account that I paid money into a few years for a 'rainy day', then have just left it to accumulate interest. As I haven't had a 'rainy' day I haven't withdrawn anything from it, nor have I put any more money into it. Presumably I now have to enact some transaction (such as withdraw 10) to stop Brown nicking it.

Seems absolutely barmy to me.

SB

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news.blueyonder.co.uk
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No, just acknowedge some correspondance.

Brown doesn't nick it. It's always yours to reclaim.

What will happen is it will move into a government 'dormant' account and not a bank dormant account.

Having been on the wrong end of a bank making my account dormant I think that this is a good move. Bank's will no longer have an advantage in making an account dormant so instead of *pretending* to send out a letter before doing so, they will actively work to keep it open.

tim

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tim (moved to sweden)

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mogga

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