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Government plans to access billions from dormant accounts!
The federal government plans to use funds from dormant accounts for charitable purposes. Critics warn of property violations.
Government plans to access billions from dormant accounts!
In Germany there is a significant amount of money lying in so-called dormant accounts. It is estimated that between 2 and 9 billion euros are lying dormant in these accounts, which are often created after the account holder's death or because they have been forgotten. This issue has now caught the attention of the federal government, which plans to put these funds to good use. This was anchored in the coalition agreement, but this is only a declaration of intent as no draft law exists yet. Inside Digital reports that there are currently no regulations in Germany regarding the handling of “abandoned” funds, which is in contrast to many other EU countries.
The definition of dormant accounts is not uniform. According to brief information from the German Bundestag from 2019, a dormant account exists if there is no contact with the holders or authorized persons for a long period of time. However, it remains unclear after what period an account is classified as idle and therefore dormant. Thorsten Höche, general counsel of the German Banking Association, said that there are no current legal requirements to specify a precise period, which raises legal hurdles. MDR highlights that the determination of whether an account is considered dormant after five, ten or twenty years without movement is not clearly defined.
Criticism of the federal government's plan
The federal government's plans are met with resistance. Höche points out that the desired access to these funds could represent an interference with the property rights of the testators or the surviving bank customers. According to the current legal situation, in the case of a deceased account holder, it must first be clarified whether heirs exist. If this is not the case, the money goes to the state. In the past, banks were able to exclude and tax money that remained untouched for 30 years if the states did not assert the inheritance claim.
A central aspect remains the question of what will happen to the accounts if the owner suddenly shows up and demands his deposits back. Banks are currently obliged to pay out such funds, but how this can be guaranteed under a possible new regulation is unclear. These uncertainties are leading to growing skepticism towards the government's plans and highlight the complexity of the issue.