UNCLAIMED MONEY ACT 1971 (NEW ZEALAND)
https://www.legislation.govt.nz/act/public/1971/0028/latest/DLM398423.html?src=qs
Increasingly, because of fear of an impending global banking collapse, a lot of concerned individuals are taking their money out of their banks in cash and hiding it under their mattresses, or splitting it up into smaller savings deposits held in multiple banks rather than having all their eggs in one basket in one bank. Sadly, the main problem people with cash are going to face (some places are there already) is that the big multinational oil companies, gas stations, supermarkets and retailers (that in most cases are owned by the big banks) are soon going to refuse to accept cash altogether so that cash itself will become valueless as you will not be able to spend it.
However, the currency digitally held in the banks in savings accounts, will continue for some time until it is replaced (or stolen in a banking reset) by a new global digital electronic currency system.
Now what the banks are doing now is they are targeting all accounts that they consider are “inactive” or “dormant”. Traditionally banks have always had relatively small numbers of these accounts that have become dormant after a lengthy period of inactivity, for example, after somebody has died.
Yet in recent times the numbers of these inactive accounts have increased enormously largely through the growth of multiple accounts. In the past, generally speaking, after an account had not been used between 3-5 years, it was considered dormant. But now some banks are reducing this dormant period down to a time period of less than one year which really is not a very long time at all. The excuse is these accounts now pose a dangerous cybersecurity threat and risk of fraud.
This means if a depositor splits his savings up into multiple savings accounts at different banks, it is very easy to have a period of inactivity in some of them, and therefore in a relatively short space of time some of the accounts can become classified as dormant. This can be very serious for the depositor indeed.
Normally once an account is classified as being dormant, after a set period, the bank will close the account and all the funds (in the case of citizens of the United States) – will be “escheated” to the state’s treasury. At that point, the customer (or his or her heir) must then contact the state to try and claim their money back. Escheatment times vary by state.
In the British system, practised in New Zealand, dormant accounts are closed under the UNCLAIMED MONEY ACT 1971, and the funds in the accounts are forfeited to His Majesty’s Crown and administered by the Inland Revenue Department.
Prior to computers when paper records like bank statements and savings passbooks were kept, it was relatively easy to prove ownership of a deposit, but now, where locked or closed dormant account records are electronically, [confidentially] held by the banks, (including places even like Switzerland) it is much more difficult for a depositor to prove ownership of confiscated funds. In a banking crisis it will be virtually impossible, because any dormant account’s electronic records will be too old to realistically prove an account’s balance is valid at the time it was closed.
As is often said, ‘Banking was conceived in iniquity and born in sin.”
Beware!