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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.
Brommers-
What's the time limit in the UK for dormancy?
@Howard It wasn't much they managed to grab to begin with in the first year it came in, only AUD340million...when it first came in I thought they'd get a figure scraping the high 100s of millions.
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.