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IF YOU HAVE dormant savings or bonds, the National Treasury Management Agency (NTMA) could be taking them over come next March.
Advertisements taken out by the agency today remind account holders that if no transactions have been made on an account for 15 years, they are declared dormant and any money in them transferred to the NTMA under the Dormant Accounts Act 2001.
An Post is advising that Savings Bonds purchased on or before 30 September 1995 and and Certificates since the same date in 1993, and on which there have been no repayments since 1998, will face this fate on the 31 of March 2014.
The same applies to Instalment Savings which matured on or before 30 September 1993.
The Irish Banking Federation says that if a transaction is made on these accounts, “the ‘clock” for dormancy purposes is reset to zero”. The financial institutions are also required to contact the account holders before declaring an account dormant, except in cases where the funds are below €100 or where they have been given previous instructions on how to handle the account.
The money can also be reclaimed, even if it has been transferred to the NTMA.
Just 20 per cent of all funds the NTMA took over in this manner so far this year were claimed back by customers.
Figures released to TheJournal.ie in August revealed that of the €43 million declared dormant, just €8 million was reclaimed.
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They are getting desperate now.
I wonder when they will start opening graves to look for gold teeth.
Don’t be giving them ideas mike!!
What else would you expect from those low life west Brits
More like when theyll start taking money straight out of peoples accounts like in greece. The government going after the credit unions would make sense then.
Mike, this practice has been around since 2001. Its hardly new.
I also love how people are so angry at something like this.
If the money hasnt been touched for 15 years its hardly important to yout. It then goes to the NTMA.
And if you don’t like that you can still claim it back.
Pat don’t bring up facts here!! Iron Mike needs something to moan about.
Oh sod off burch!!!.
Go and cop yourself on, I posted in jest.
Google the word humour.
It looks like under the mattress is your safest bet for holding on to your coin.
If I don’t pay my mortgage for 15 years, will the NTMA take that also?
Wouldnt advise that being honest now. You’ll run you credit rating so far into the ground that restaurants will insist you pay for your food up front.
I have nothing to worry about on this one.
The money should go to fund the soup kitchens that are popping up around the country not sent off to Brussels to pay bankers bad debts.
Great way to kick start the economy.
“If you have no need for that money we’ll just take it off you.”
Account balances inactive for 15 years have always been transferred to NTMA. This is not new.
Hi Frank, no, it is not new, but people are being reminded to check.
Always?
Funny that since the act only came into force in 2001……
What about prize bonds or is this a silly question?
I was thinking the same question
They can have mine as I don’t think they really exist.
Assests like bonds are different. This applies strictly to bank accounts.
The NTMA is an irish organisation is it not? then why show pictures of stirling?.
on a more serious not, if as reported ntma collected 43 million from dormant accounts this year alone, why the f are we still pumping money into it ?
Hi Eric, yes, the NTMA is Irish. The picture shows a range of currency, more than just Sterling. It looks nice, doesn’t it?
World coins.World coins,and more World coins in that photo.
Did you see the world coins?
Who stuck in the rusty Polo mint then?
Might be operating on Irish soil but like enda and his band of crooks they are all the EU’s b**ch
Actually, this is quite a common practice in most countries.
Now I have to hide the children’s piggy bank in case they take it
So the Germans want to take me savings now? Typical Enda, bow down to the German masters and get any money you can find!
Jail the bondholders
What a nonsensical article Nicky. The NTMA have being doing this since 2001. Quite frankly if someone has ‘forgotten’ about money they own for c15 yrs it tells more about the person in question.
Hello SMcB. Yep, it isn’t anything new, as stated in the article.
So you stand over the headline?
And then caveat same in order to cause unnecessary reaction? I thought I was reading The Journal not a rag top…
Bleedin’ Governmen’
Well this is new to me so i’m glad for this reminder! Not that i’ve any money ‘put aside’ for any length of time but I may have a diddery old anunty who does and she’d be grateful for the reminder ;)
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