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State wants dormant accounts: money for social purposes!
Find out how the state plans to use dormant accounts for social purposes and what regulations are missing.
State wants dormant accounts: money for social purposes!
In Germany there is a growing debate about how to deal with dormant accounts, which often operate in the shadow of the tax authorities. While citizens usually keep an eye on their bank accounts and deposits, second and third accounts are often forgotten. A central reason for this is the death of the account holder without the heirs being aware of the existence of these accounts. The federal government has now raised the question of how these often undiscovered funds should be handled.
The coalition agreement between the Union and the SPD stipulates that the aim is to use the funds from dormant accounts for a revolving sovereign wealth fund for social purposes. However, this idea is causing a lot of discussion and criticism, as Germany currently lacks a legal framework for dealing with such accounts. Currently, after 30 years of inactivity, funds go to the banks, which then have to tax them as profits. A fundamental reform seems necessary to create clarity.
Reform proposals and challenges
In order to improve the situation, it is proposed, among other things, to require banks to report dormant accounts to an official body. These reports could help increase transparency and ensure that funds do not go unused. However, these ideas face the challenge that there are still no binding criteria that define when an account is considered dormant.
A document from the Bundestag provides further information and shows that the discussion about dormant accounts is not only legal but also ethical. The question of who should ultimately benefit from these funds remains open.
Experts are calling on the government to create clear framework conditions to regulate access to dormant accounts and to use the funds sensibly. Critics argue that these measures not only affect the financial rights of heirs, but could also spark a fundamental debate about property and wealth in the digital age.
The government's proposals are viewed differently by the public and among financial experts. It remains to be seen whether and when a legal regulation will come into force that does justice to the current challenges. In the meantime, many account holders and their heirs are faced with uncertainty as to whether their funds in the system will be used for social purposes or disappear into the financial fog of the banks.