Who owns the billions in Germany's 'forgotten accounts'?
Key takeaways
- Billions of euros sit untouched in Germany's dormant bank accounts.
- https://p.dw.com/p/5Dmu2Every country has their own way of dealing with abandoned accounts.
- A 2021 report from the country's research ministry estimated that up to €4.2 billion ($4.9 billion) was in such accounts.
Why this matters: an international story with cross-border implications worth tracking.
Billions of euros sit untouched in Germany's dormant bank accounts. With heirs unaware and no central register in place, banks and politicians are debating who should ultimately control the money.
https://p.dw.com/p/5Dmu2Every country has their own way of dealing with abandoned accounts. Some make banks hold them in perpetuity, others eventually take them over Image: Angelika Warmuth/REUTERSAdvertisement While Germany is trying to make major budget cuts, billions of euros are silently sitting in banks and other financial institutions unused and unnoticed in so-called forgotten accounts.
A 2021 report from the country's research ministry estimated that up to €4.2 billion ($4.9 billion) was in such accounts. Other estimates are much higher, some as high as €9 billion. The banks themselves haven't released any figures.