Billions in 'forgotten' German bank accounts await heirs

Billions of euros lie dormant in German bank accounts, often unclaimed by heirs. Estimates suggest over 4 billion euros, and possibly as much as 9 billion, sits in these forgotten accounts, according to a 2021 report by the Federal Ministry of Education and Research. Banks themselves have not released official figures.

Locating these accounts can be difficult for family members, especially when individuals hold multiple accounts or when records are primarily digital, stored in emails or on computers. Tracking unconventional assets like cryptocurrencies or NFTs adds another layer of complexity.

Germany lacks a formal definition for dormant or inactive accounts. Typically, these involve bank deposits or securities with no activity for an extended period. Banks handle these accounts based on their own policies, often considering them inactive if the owner has died without heirs, contact has ceased for years, or addresses are outdated. Strict data protection laws in Germany can limit how actively banks search for owners or their beneficiaries.

These dormant funds do not automatically transfer to banks or the state. Banks must hold these accounts indefinitely, and ownership rights never expire. The German state can only claim funds through inheritance law if it is legally determined to be the heir. Establishing a central register for inactive accounts, similar to measures in other countries, is seen as the most crucial step. Currently, inquiries must be sent to various banking associations, a process that is time-consuming and costly. Many heirs forgo these inquiries due to the complexity and uncertainty of finding any assets at all.

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Because of this, many heirs decide against sending such inquiries.