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HomeLatest NewsNew notice from the Bank of Spain on abandoned bank accounts

New notice from the Bank of Spain on abandoned bank accounts

Date: February 26, 2024 Time: 20:18:29

If a bank account does not have any movement for a long period of time, it will be considered abandoned and its balance, if any, becomes part of the State’s arcades. In 2021, the Treasury received around 29 million euros from abandoned accounts in banks, broker-dealers, credit institutions and other financial entities. For this reason, it is important to have our bank accounts controlled so that they are not considered as a presumption of abandonment.

Currently, keep money under the mattress is no longer carried. Most of the clients of banking entities prefer to deposit their money in accounts, one of the most popular financial products in Spain.

Bank accounts allow you to carry out different operations, such as home payments, payroll, make transfers, withdraw money by card, among many others. Also, people who have more than one bank account can lead to forget some of them and abandon them, keeping, over time, their money, the State.

What about an abandoned bank account?

In general terms, when we have an open bank account that we do not use, the bank is obliged to notify its existence and alert customers of the possible expenses or damage that could arise in their finances. In the event that it is suspected that the account has been abandoned, the bank must inform the holders before notifying the Ministry of Finance and Public Function.

It must be verified and ensure that no transactions have occurred in the account for a period of 20 years. Likewise, the bank must inform us at least three months in advance, by certified mail or other similar means to the address we have registered, about the status of the account and the remaining time before it is considered abandoned.

General of the State, with express indication of the date of his declaration and of the delegation of Economy and Finance, before which he has appeared. The General Directorate of State Assets is the body responsible for issuing a declaration of balance in presumption of abandonment.

If you do not agree with the declaration of an abandoned bank account, if you want to file a claim, it is necessary to approach the Ministry of Finance and Public Function, which is the competent body.

It must be borne in mind that as the owner of a bank account, we must carry out proper monitoring of our money. To achieve this, it is essential to keep our contact details up to date. If at any time we want to stop using an account, it is best to notify the bank in writing and request its cancellation.

What is an abandoned bank account?

Bank accounts are not considered abandoned until twenty years have passed since the last movement. At that time, the bank is obliged to transfer the balance to the State. Although banks are not required to send monthly statements to inactive customers, they must provide statements and other documents by mail or online, especially if there is an overdraft, and must regularly report outstanding balances.

It is important to note that withdrawing funds from an account does not mean that it will disappear immediately. Generally, the bank will continue to charge the maintenance fees that were agreed to in the contract at the time the account was opened.

Financial institutions could apply interest charges on the expenses generated by an account that presents an overdraft, as long as this has not been caused by previous commissions, since most of them choose not to charge the latter to accounts with a negative balance.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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