Law proposed on dormant bank accounts

Economic Development Minister, Senator Alan Maclean, has proposed a new law to allow money in dormant bank accounts to be collected into a central fund and used to support charities and other good causes in the Island.

 

The proposal follows a public consultation, which found that all respondents were in favour of the law. The Economic Development Department has now prepared a document setting out the nature of these responses, as well as its own replies to some of the comments made.

 

Senator Maclean said “Several countries have introduced schemes which allow money that is lying dormant to be used for the benefit of the community. There are clear advantages to introducing such a scheme in Jersey. It’s a win-win situation as bank customers will not lose out as a result of the scheme and we will take steps to ensure that customers can still get their money back.”

 

The introduction of similar dormant accounts schemes is also underway in Guernsey and the Isle of Man.