Brown preparing to raid banks for 'dormant' 4bn

Jul 21, 2005 2 Replies
N

... 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 As I haven't had a 'rainy' day I haven't withdrawn anything from it, nor have I put any more money into it.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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T

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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