300 Million EUR now in NTMA Dormant Savings Accounts.

L

Lightning

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There are now aprox. 300 million EUR in dormant savings accounts based on the stats released by the NTMA this week.

These savings accounts are managed by the NTMA.

A Namawinelake points out ...

 
Hi Cashier

It would appear 15 years

The period for determining dormancy is 15 years since the last customer-initiated transaction.
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But the good news is:

Notwithstanding that accounts may be declared dormant, the Act guarantees the right of account holders to reclaim their moneys at any time.
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Source: [broken link removed]

Marion
 
As someone who worked in a bank in the past i often wonder the types of people whose money end up in the dormant accounts. I have in mind usually when a person dies the next of kin are usually very much on the ball in regard to bank accounts. Likewise if a solicitor is involved he/she will make extensive enquiries. I can only conclude that some of it may be what is termed "hot money" the owner of which would have been careful to leave no tracks sometimes even to his closest relations.
 
I took over the running of a branch of a building society. One day this customer called in to put money in his account. I asked him for details of his account, name account number etc. He said the previous manager knows. I explained to him that I simply wanted his name and address so I could lodge the money. He asked me to ring the previous manager. I explained to him that the previous manager had retired and that I had no contact details for him.
It transpired that he had a number of accounts in fictitous names and addresses. He couldn't remember any of the details.
I never saw him again and I don't know what happened to his accounts. No doubt he got some other person willing to turn a blind eye to this type of behaviour or maybe the accounts are all still sitting there, dormant.
 
I definitely have a small savings account in one of the banks. I come across the original deposit book every now and again. Books are no longer used. I have yet to be contacted by that bank in any shape or form, annual statement or internal audit letter to remind me that a dormant account exists.
The banks say that they are making efforts to track down the owners of these funds. They are not.
All my details are exactly the same as they were when I opened the account.
 
theresa1 said:
They will only contact you if balance is €100 or more.
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The banks always had a distinction between dormant accounts and petty balances. Both held separately.
So who is looking after the millions held in Petty Balances?
 
Hello,

Is there a list of the names of these accounts available to the public somewhere ?

... if the name of the account holder was published then anyone who felt they had rights over the account in question could come forward with appropriate identidy and if they could prove their claim, then collect their money.
 
So what actually happens with this 300M?

The NTMA manages it and presumably can invest it to make some interest.

Does a certain amount, based on years o/s, get remitted to the exchequer annually. But under the proviso that this can be repaid to the owner/owner's relatives should they make a successful claim?
 

Exactly.

[broken link removed]
 
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