Dormant credit funds.

[dewdrop]

I recently read of the millions being transferred by the financial institutions to the government in respect of dormant credit balances. I often wonder how such vast sums can remain unclaimed and has there been any attempt made to highlight the possible reasons. Apart from people opening accounts in the names of other persons (this would be difficult now) and also people deceased with no other asset like property it puzzles me how such money lies dormant

 

[Mpsox]

Some of the amounts are often quite small. I'm sure I probably have an old account from my student days with a fiver inside in it that I may never have closed. Likewise, there are probably many non-nationals gone home, Irish people who emigrated etc and all of those €5 add up.

You're correct as well on people who are deceased. Speaking as somone who was once the executor of a will for a bachelor farmer, we found a few accounts that hadn't been touched for years.

 

[browtal]

As a permanent volunteer all my life I have opened many accounts on behalf of organisations. I am sure there are some that I did not see closed and the work has ceased.
Vol. organisations get much help from these dormount accounts through the health boards.
Browtal