Dormant bank account cash could go to charity
Dormant bank account cash could go to charity
MONEY that has sat dormant in bank accounts on the Isle of Man could soon be given to charities under new plans.
The Isle of Man government has said, bank accounts would be regarded as dormant ‘if a bank has lost contact with the account owner for at least 15 years’ adding, the money would be transferred to a central fund, some of which would be used ‘for charitable purposes’.
Account owners would have the right to reclaim their money indefinitely.
Treasury member Bill Shimmins said it would not result in “an immediate windfall for charities in the Island as any distributions are likely to take many years to identify and process.”
A consultation on the proposals will run until 19 October.
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- September 12, 2018
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