Who owns the dormant bank funds

The article discusses dormant bank accounts in Germany, where it is estimated that more than four billion euros are unclaimed by their owners in banks, potentially reaching up to nine billion euros according to other estimates. These accounts are typically inactive for many years, and it often becomes difficult for heirs or relatives to locate them after the owner's death, especially due to missing documents or digital data. Ownership of these accounts does not transfer to the banks or the state in Germany; instead, they remain held until heirs are identified, with legal restrictions on using the data due to privacy laws. Currently, efforts are underway to establish a central register that would facilitate the identification of these accounts and simplify the process of reclaiming rights, but an official law for this purpose has not yet been enacted. Compared to other countries, the handling of dormant accounts differs, as some are transferred to social funds or their funds go to the state after a certain period, with the heirs maintaining rights to claim the money.

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