German Government Estimates Billions of Dollars Forgotten on Bank Accounts
A recent report by the “Neue Osnabrücker Zeitung” cites a government-commissioned study, which estimates that between 1.78 and 4.21 billion euros remain on forgotten bank accounts in Germany. The study, carried out by the research ministry during the previous legislative period, highlights the lack of a centralized register for such accounts in the country.
To estimate the value of these accounts, the study’s authors drew comparisons with countries like France, the United Kingdom and Canada, where data is more comprehensive. Germany’s government, in its coalition agreement with the SPD, has pledged to use the funds from forgotten accounts to support social innovations, by transferring them to a fund at regular intervals.