Unclaimed Cash Should Go to Charity
A government-backed report says that unclaimed funds held by banks should benefit charities
11th July 2006
The Commission on Unclaimed Assets will publish a report tomorrow calling for funds held in dormant bank accounts to be used to fund a 'social investment bank' which will help groups working to alleviate poverty in some of the country's most deprived communities.
The commission, which has government backing, is expected to say that any funds which are unclaimed for 15 years or more should be used, which could lead to possibly billions of pounds being released. Should the original owner come forward later, however, they would still be able to reclaim their assets.
Britain's banks have long said that the money in dormant accounts should be put to use, although the commission has rejected the suggestion that the money should remain under the banks' control by being channelled through their own charitable foundations.
Read More: Money Guardian : Unclaimed cash should fund charity bank, says commission
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