dw.com
Billions in Dormant Bank Accounts in Germany
A study commissioned by Germany's Ministry of Education and Research revealed €4.2 billion in forgotten or inactive bank accounts, prompting debate about their usage and the role of banks and the government.
- What is the primary cause of the billions of euros found in dormant German bank accounts?
- The main reason for these dormant accounts is the death of account holders without identified heirs, or accounts not recorded in personal documents. A secondary factor might be the intentional hiding of illegal funds, as suggested by Professor Christian Klein of Kassel University.
- How are banks addressing the issue of dormant accounts, and what are their legal obligations?
- Banks employ a multi-step verification and information process. Accounts are typically closed after 30 years of inactivity, but banks must return funds if claimed later. However, banks are hesitant to discuss this issue publicly, fearing negative perceptions of potentially appropriating unclaimed funds.
- What are the potential future implications of this discovery, and what solutions are being considered?
- The German government aims to utilize funds from these accounts for social innovation programs, as stated in their coalition agreement. While this presents legal challenges due to private property rights, models from countries like the UK, where similar funds support social programs, offer potential solutions. The increasing prevalence of online banking is expected to exacerbate the problem of forgotten accounts in the future.
Cognitive Concepts
Framing Bias
The article presents a balanced view of the issue, incorporating perspectives from various stakeholders including a professor of economics, a bank representative, and a consumer protection agency. However, the headline focusing on the billions in forgotten accounts might subtly emphasize the scale of the problem over the efforts banks make to locate account holders. The introduction also highlights the large sum of money, potentially framing the issue as a larger problem than it actually is for the majority of individuals.
Language Bias
The language used is generally neutral, although phrases like "zaboravljenih eura" (forgotten euros) and "crni novac" (black money) could be interpreted as slightly loaded. The article also uses the phrase "samo tako leže" (just lying there) to describe the money, which might evoke a sense of wasted resources. More neutral alternatives could include "unclaimed funds" and "funds of unknown origin" respectively. The use of quotes from various sources helps to maintain objectivity.
Bias by Omission
The article omits discussion of the legal framework governing unclaimed accounts in Germany and the process banks follow to locate owners. While it mentions that banks make efforts to find owners and the time frame before closure, a more detailed explanation of these processes would provide a fuller picture. Further, the article does not explore other possible reasons for unclaimed accounts besides death and lack of documentation, such as emigration or simple oversight. This omission could limit the reader's understanding of the issue's complexity.
False Dichotomy
The article presents a false dichotomy between the banks' position and the government's proposal to use the funds for social programs. It simplifies the complex issue of ownership and legal rights. The article could benefit from exploring alternative solutions, such as enhanced communication campaigns to prevent accounts from becoming dormant rather than simply transferring the funds to the state.
Sustainable Development Goals
The article discusses billions of euros in unclaimed funds in German banks. Utilizing these funds to create a social fund, as suggested in the article and practiced in the UK, directly addresses SDG 10 (Reduced Inequalities) by potentially redistributing wealth and resources to benefit disadvantaged groups. The existence of these unclaimed funds highlights existing inequalities in access to financial resources and the potential for positive impact through redistribution.