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Originally Posted by Xaccers
Am I right in believing that at the moment with dormant accounts, the banks claim the money as part of their profits, but should the customer claim the money, it will be available.
If the treasury grabs this money, how will the customer/saver get it back?
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in the same way as when the life companies were given permission to pay their orphan with profit funds out to shareholders, then the stock market collapsed and the cussion fund had vanished to the policy holder suffered (and still is sufferering as life companies had to sell out of shares at a rock bottom price in order to prove to the FSA that they are solvent)
So if the customer claims the money in a dormant bank account otherr customers suffer in terms of reduced interest rates. The shareholder WILL NOT suffer