UNCLAIMED "FORTUNES."

Press, Volume LIV, Issue 16404, 26 December 1918, Page 7

UNCLAIMED "FORTUNES."

DEPOSITS IN THE BANKS.

GOVERNMENT THE ULTIMATE

BENEFICIARY

In the old days, according to veteran bank officials, thore were many substantial sums lying in tlio coffers of tho bank which were never claimed by their owners. Many of these amounts ran into three figures. Thoro was less education in those days and people, especially farmers, would shift ,from place to place, and bo quite ignorant as to the actual state of their accounts with their bankers. Even in these, onlightened days, so a well-known bank official informed a "Press" reporter, many farmers especially aro unawaro of the extent of their bank deposits, and many respectable sums of money are never claimed. Other "unwanted" moneys are those belonging to defunct clubs and similar organisations, the members of-which have wound them up without bothering to ascertain the full naturo of .the assets. A story is told of a present-day prominent politician who was interested in a syndicate which became defunct, leaving a deposit of £10 in the bank. He is stated,to havo tried to draw this amount, but without success.

Who is the lucky beneficiary? It is not the banks. Tiio Unclaimed Moneys Act, passed in 1908, provides for the entering in a register by the banks of particulars of all unclaimed moneys held by them in any account which has not been operated upon by tho owner for six years. This register is open for inspection at tho head office of the bank. A copy of the register must be published by the bank in tho "Gazette," and within seven days after such publication the company must post to the last known addresses of the persons whoso names appear notification of the position of affairs. If at the end of two years aftor tho posting of such notice the money hag not been claimed, it must be paid over to tho Government for the use of tho public revenuo. It might be pointed out that smnll unclaimed amounts do not always reach tho Government coffers, as they are swallowed up in banTt charges. Even after the monoy has been paid over to tho Government a rightful claimant in not debarred from recovering it. for if he can prove his claim to the Minister of Financo. the latter can order paymefit to be made to him. There aro stated'to be scores of small accounts in the Post Office. Savings "Bank which have never been claimed. This bnnk is not required to pay unclaimed amounts over to tho Government though here again the State benefits. Every account over £1 is pay in e interest, and will continue to do so'as long as it remains in the bank. Ca<=es have been known of depositors coming across old bank books, and thus remembering long forgotten deposits, and it wns pointed out to a "Press" representative that even if a deposit has been unclaimed for forty years, it can he nrovidrd tho bank book is prodifp'l and the claimant can proVe his bona fidefl.