Billions in forgotten bank accounts lie dormant in Germany

Germany is grappling with billions of euros sitting in dormant bank accounts, often forgotten by their owners and unknown to their heirs. The absence of a central registry and clear legal guidelines complicates the process of locating these funds, leaving a significant amount of money untouched.

Estimates suggest that between 4.2 billion and 9 billion euros could be held in abandoned accounts. Banks typically define these accounts as inactive after a period of no customer contact, when correspondence is returned, or if the account holder has passed away and heirs cannot be found. German data protection laws also add a layer of complexity to the search for account owners or their beneficiaries.

Currently, inactive accounts in Germany do not automatically transfer to banks or the government; ownership never expires. The government can only claim an account if it is legally declared the heir. Beatrice Eisenschmidt of the VDEE, an association for professional heir finders, highlights the need for a central registry, noting that current inquiries to various banking associations are time-consuming and costly, often deterring heirs from pursuing potential claims.

Efforts are underway to address this issue, with the current German government proposing a publicly accessible online registry. While this initiative has not yet been approved, a recent survey indicates strong public support, with 86% of respondents favoring the use of forgotten bank assets for social projects after a reasonable period. Only a small percentage supported the funds going to the government or banks.

“

For this reason, many heirs opt not to carry out investigations.