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Jersey To Close Dormant Bank Accounts


Jersey's Economic Development Minister, Alan Maclean has proposed a new law to allow money in dormant bank accounts to be collected into a central fund and used to support charities and other good causes on the island.

The announcement follows a consultation that received unanimous public support, after which the Economic Development Department has prepared a document detailing the responses received, and giving replies to specific observations.

“Several countries have introduced schemes which allow money that is lying dormant to be used for the benefit of the community. There are clear advantages to introducing such a scheme in Jersey,” commented the Department. “It’s a win-win situation as bank customers will not lose out as a result of the scheme and we will take steps to ensure that customers can still get their money back.”

The introduction of similar dormant accounts schemes is also underway in Guernsey and the Isle of Man.

Source: http://www.tax-news.com