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No. But banks can sign up to a scheme where they pay money from dormant accounts to the government for them to look after.
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Australia has a law where the government seizes the funds after the account has been dormant for three or more years.
Go Australia!
You'd think the banks would be pissed, given that they've effectively packaged that money up and loaned it out in the form of a mortgage or whatever.
Brommers
Howard
@Philip_J_Fry
Does the UK Government seize funds in UK bank accounts after the account has not had any activity after a certain period of time? Just wondering, as I have a small "holiday" amount sitting in my UK account while I'm in Australia.
Australia has a law where the government seizes the funds after the account has been dormant for three or more years. It destroyed many a pensioners savings fund, farmer drought funds etc and apparently it was a right ball-ache to get it back.