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repeal Dormant Bank and Building Society Accounts Act

Comment 8th July 2010

The Dormant Bank and Building Society Act allows the government to take and redistribute funds in a Dormant Bank Account if there has been no contact or activity on the account for 15 years, without informing the account holder. It is iniquitous that the last government saw fit to assume the power to raid these accounts.

Why does this matter?

 

It is possible to reclaim money taken in this way, but why should the account holder and/or beneficiary then have to go through the hassle of 'reclaiming' their own funds?

Many accounts are set up by parents, grandparents, godparents etc on the birth of a child designed to be made available to them on reaching majority (age 18) or older, many may make regular deposits in the early years then stop as the demands on their income change.

Others have lump somes put away for retirement or just 'for a rainy day' which are left untouched until that day arrives, 

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