The German government wants the money from unused bank accounts.
The German government intends to use the funds in bank accounts that have had no activity for years, known as "orphan accounts" or "inactive accounts," and transfer them to a government fund to support social projects. The value of these accounts is estimated to range between two billion and nine billion euros.
These accounts usually arise after the death of their owners without any heirs appearing, or when people forget their accounts and it becomes impossible to access them. The government plan is inspired by a British model, where forgotten funds are directed after 15 years to socially oriented projects.
The first step in Germany will be to establish a clear legal definition of what constitutes an offline account. Afterwards, a central registry will be created to report these accounts.
However, the plan faces severe criticism from the banking sector, especially from Torsten Hoesche, the chief legal advisor at the German Banking Association. He pointed out that there are many legal issues, the most prominent of which is the lack of a legal basis defining when an account becomes "inactive." He also warned that the state could seize funds belonging to individuals who are still alive but have not used their accounts for a long time.
The current German law states that the state inherits the assets of those who die without relatives, with the state of residence of the deceased inheriting. If that is not possible, the federal government inherits. However, the state must first ensure that there are no heirs. If this is not done, the state's right expires after 30 years, and banks have the right to retain the funds.
The current German law states that the state inherits the assets of those who die without relatives, with the state where the deceased resided inheriting. If that is not possible, the federal government inherits. However, the state must first ensure that there are no heirs. If this is not done, the state's right to inherit lapses after 30 years, and banks have the right to retain the funds.