dw.com
Billions in Dormant Bank Accounts in Germany
An estimated €4.2 billion rests in dormant bank accounts in Germany, largely due to deceased account holders without heirs or lost documentation, prompting discussions about government access to these funds.
- How do German banks handle dormant accounts, and what are the legal and ethical implications of their handling of these accounts?
- Banks attempt to contact account holders for years; if unsuccessful, accounts are typically closed after 30 years but funds remain accessible for decades. The government's interest in utilizing these funds for social programs raises concerns about appropriating private assets, with the banking association citing contractual obligations to clients.
- What is the estimated amount of money held in dormant bank accounts in Germany, and what are the primary reasons for these accounts being inactive?
- Approximately €4.2 billion is held in dormant German bank accounts. The main reasons are deceased account holders with no heirs and a lack of proper documentation linking individuals to the accounts. Some accounts may also hold illegal funds.
- What are the potential future implications of the issue of dormant bank accounts in Germany, considering the increasing prevalence of online banking?
- The problem of dormant accounts is projected to worsen due to the rising number of online accounts, making tracking and recovery increasingly difficult for both account holders and heirs. This necessitates solutions balancing the interests of individuals and potential social benefit from utilizing these funds.
Cognitive Concepts
Framing Bias
The article presents a balanced view by including perspectives from various stakeholders such as a professor of economics, a bank representative, and a consumer center representative. However, the headline, focusing on billions of euros in forgotten accounts, might initially frame the issue as a problem to be solved rather than a complex issue with multiple facets. The introductory paragraph also emphasizes the large sum of money, potentially influencing the reader's perception before presenting further context.
Language Bias
The language used is generally neutral, although phrases like "zaboravljenih eura" (forgotten euros) could be slightly loaded, implying a negative connotation. The article also uses quotes from sources to support its claims. The term "illegal means" is used in reference to the origin of some funds, which is a strong claim and should be followed by more clarification.
Bias by Omission
The article could benefit from including specific data on the number of accounts affected, distribution across different banks, and a breakdown of how the 4.2 billion euros are categorized. Additionally, discussion about the legal complexities of accessing these funds and the experiences of those who have tried to recover their money would offer a fuller picture. The article also does not mention the process of how the 4.2 billion euro figure was calculated.
Sustainable Development Goals
The article discusses billions of euros in unclaimed funds in German banks. Utilizing these funds for social programs, as proposed, directly addresses wealth inequality by redistributing dormant assets to benefit society. This aligns with SDG 10, which aims to reduce inequality within and among countries. The existence of these unclaimed funds highlights existing inequalities in access to and management of financial resources.