Under the Unclaimed Money Act 1965 , it is under the care of the government in the person of the Registrar of Unclaimed Money, which is held in trust with the government, and not some private entity.
If there is still no response after 2 notices, the bank may proceed to close the account and absorb the balances as service fee.
However, action upon the said standing instruction by the financial institution is not considered managed by its owner.
Unclaimed money can refer to unpaid money that is legally payable to you, or money that has been dormant for many years.
Q: When will moneys in dispute between the parties having interest thereon be subjected to the Unclaimed Moneys Act 1965? It is possible to search for unclaimed funds on the internet by visiting the website of the National Association of Unclaimed Property Administrators.
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