Cameron to rob dormant bank accounts.

Posted: July 20, 2010 in Broken Britain

David ‘Hammer of the Poor’ Cameron is to seize money from dormant bank accounts to pay for his Big Society plan.

IlieHe has hailed the Big Society scheme as ‘the biggest, most dramatic redistribution of power’ from the state to individuals. More petty tyrants to get backhanders from handing out contracts I shouldn’t wonder.

Under legislation passed by the Labour government, dormant accounts are defined as having had no account-holder initiated activity for 15 years.

Mr Cameron said: ‘These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the Big Society Bank will – over time – make available hundreds of millions of pounds of new finance to some of our most dynamic social organisations.’

The latest estimates suggest that the funds available could amount to £400 million but banks also have an obligation to try to contact the account holder before they can seize the funds. I can’t see the banks trying very hard they owe their very existence to government intervention with taxpayers’ money don’t they.

If account holders find that their money has been taken without their permission, they can request the return of the funds. Mind you requesting and actually getting money back is probably going to be costly and riddled with masses of paperwork.

By the way consumers who want to initiate a search can log on to mylostaccount.org.uk, which allows people to trace overlooked or abandoned bank, building society or national savings accounts.

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