Saturday, 30 April 2016

Saturday, 30 April 2016

Important information regarding bank accounts

On the 1st January 2016 a new law, N° 2014-617 came into effect regarding inactive bank accounts and life assurance contracts that are unclaimed.

The objective of this law is to invite banks to detect the inactivity of accounts (or safety deposit boxes) that they hold, to investigate the reason for the inactivity that could be due to the death of the account holder or due to an oversight on the account holder’s part, and to inform the relevant parties of the potential consequences of this inactivity.

Therefore, any sums held on an account for which the account holder (or the mandatory or the beneficiary) has not made themselves known to the bank for 10 years will be transferred to the Caisse des Dépôts et Consignations.

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