Billions of abandoned accounts: government wants to use money for social projects

Billions of abandoned accounts: government wants to use money for social projects

The federal government plans a comprehensive reform in order to be able to access "abandoned" bank accounts that have not been moving for years. These newsless accounts on which an estimated between two and nine billion euros rest are to be used for social purposes. According to Ruhr24 Either no heirs exist or do not report.

The Union and SPD coalition agreement stipulates that the money on these accounts should flow into a state fund for social investments. This measure is based on a British model, where unused funds may be used for social issues after a period of 15 years. In order to create the legal foundations for this reform, the government initially plans a legal definition of when an account is considered to be newsless.

planned procedure and critical voices

A central registration register is to be introduced to improve overview of these accounts. However, the German banking association expresses concerns and sees legal hurdles in the plans. There are currently no legal requirements for recognizing an account as no news. The challenges not only refer to the definition, but also to potential interventions in the ownership rights of living account holders.

under German law passes to the federal state in which the deceased was recently resident if there were no heirs. If the inheritance claims of the state are not asserted, they expire after 30 years. For newsless accounts that do not affect death, the assets also fall to the bank after 30 years without an account movement. In this case too, however, there is the right to pay the original owner or his heirs.

social innovation funds and inheritance rights

The coalition plans also provide for the establishment of a revolving fund that should benefit social innovations. The exact implementation and distribution of tasks within the federal government must currently be clarified. In an earlier study, the law firm Schalast & Partner examined the opportunity to use the funds from these accounts for a "social impact fund" to support social projects.

For heirs from deceased account doors, there are ways to research after forgotten accounts. These requests for research can be submitted to banks or banking associations. As can be read at , inheritance documents such as the inheritance certificate or the test legitimize.