UNCLAIMED MONEYS

Hawera Star, Volume LII, 3 September 1932, Page 9

UNCLAIMED MONEYS

HOW BANKS ARE AFFECTED. EFFECT OF NEW LEGISLATION. Attention has been drawn by recent legislation, contained in the Finance Act, 1932, to the provisions in the Unclaimed Aloneys Act, 1908, as to unclaimed moneys lying in banking institutions. Under the recent Act the provisions of the legislation of 1908 have been, extended to Post Office Savings Banks throughout the Dominion, and these are now required to furnish returns giving particulars of moneys which have not been claimed by their owners. As a result, depositors who hpve ceased to operate on their accounts for an” unusual length of time are being circularised by the postal authorities, and although the Consolidated Fund will benefit, it is more than probable that many forgetful people will be agreeably surprised to find that they have a balance in the Savings Bank which lias continually been growing with the addition of inteaext from year to year. Those who have less than £1 deposited need have no false hopes, for on sums smaller than this amount interest does not accrue.

“Trading banks are not affected by this recent legislation, since they have always observed the provisions of the Unclaimed Aloneys Act, 1908, under which they are required to write to the last known place of abode of any person who lias not operated on an account for a period of six years,” a “Press” representative wfts told by a Christchurch banking 'official. “If nothing eventuates from this letter,' the moneys in the account are forwarded to the bank’s head office, where they are held for a period of three months, and the owner advertised for in the “New Zealand Gazette.” If, at the expiration of this period, no claim is made, the money is paid to the Treasury Office. Even at this stage, however, a person is not debarfeS""from claiming and receiving the money 'if ho can bring; satisfactory evidence of his title to it.”

Moneys deposited so as to bear interest for a fixed term are deemed unclaimed at the expiration of six years from that date, when tlie fixed term ends Moneys deposited so as to bear interest without any limit of time are deemed unclaimed at the expiration of 25 years from the date when the account was last operated upon by the customer, whilst moneys deposited on current account or otherwise, and not bearing interest, become unclaimed moneys at the end of six years from the date when the account was iast operated by the customer in the case of a bank ether than a Post Office Savings Bank, and at tlie expiration of 25 years from such date in the case of' a Post Office Savings Bank.