Guernsey dormant bank accounts law 'not pursued'

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A move to use money in dormant bank accounts to fund good causes in Guernsey will not be pursued.

The island's Commerce and Employment Department had hoped the move would provide charities with a boost.

However, its investigation found the move would generate "no more than £300,000" for charitable causes.

Minister Kevin Stewart said: "The amount of money available and the amount of money it would take to collect it meant it wasn't worthwhile."

Dormant bank accounts

  • Accounts are considered dormant after 15 years
  • Account provider must write to ask if account should be kept open
  • Even if account is closed and money distributed, account holders can still reclaim funds

Source: British Bankers' Association

The department estimated there was just over £1.2m in dormant accounts, but found that once any initial and ongoing administration and any future claims from deposit holders were considered, about a quarter of that would be available.

It follows consultation with the public, the banking industry and the regulator.

Deputy Stewart said the department would keep it under review and suggested any future scheme could involve other types of unclaimed assets.

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