Abandoned bank accounts, what to do with them?

Abandoned bank accounts, what to do with them?

Many people manage more than one bank account. They have a principal, in which they move the bulk of their money, they can have others for various reasons (a credit, a mortgage, some investment) and perhaps some more that have been “stopped”, in which they have little balance and that They usually use for nothing.

The problem may arise when the account, instead of being simply “stopped”, is abandoned, because, then, we can lose our money.

What is an abandoned bank account

According to the Law 33/2003, of November 3, of the Patrimony of the Public Administrations:

The General Administration of the State is responsible for the securities, money and other movable property deposited in the General Deposit Fund and in credit institutions, companies or securities agencies or any other financial entities, as well as the balances of current accounts, savings accounts. or other similar instruments opened in these establishments, for which no management has been carried out by the interested parties implying the exercise of their right to property within 20 years.

This means that if we have a current account over which we do not make movements in 20 years, it becomes the property of the State.

In addition, not only money is included, but all movable property deposited in credit institutions, securities agencies and other financial entities (which can include shares, investment funds, fixed income securities …).

What requirements must be met

The Law indicates that it refers to those goods in respect of which the interested parties have not practiced any management. Therefore, the simple charge of periodic commissions by the bank is not sufficient for the account not to be considered abandoned.

The entities must communicate annually to the Ministry of Economy the existence of these abandoned accounts.

Three months before it reaches 20 years, the entities must send a certified mail to the owner of the account that is going to be considered as abandoned so that it has the opportunity to know this situation and remedy it.

In any case, this communication is sent to the last registered address, so if the person has not updated it properly and now resides in another site, he will not receive it. In this case, an announcement will be published in the BOE (which, on the other hand, is unlikely to be read by the interested party) and, finally, if it does not appear within the stipulated period, it becomes state ownership.

How much money passes each year to the State

Although it may seem that it is not very usual for this to happen, the fact is that adding a little money here and another little there (tacita tacita, which said the ad), the State pockets a nonnegligible figure every year.

Thus, in the last ten years, the State has entered this concept almost 83 million euros.

What does that money do?

Recently, the Public Sector Information Reuse Law has introduced a modification in this sense, so that the money paid for this concept goes to the Royal Board on Disability to finance the development of the Program for the Improvement of Educational Conditions of the People with disabilities.

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