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Dormant Bank Accounts to be raided by Government?

Fri, 14 Sep 2018

Money in dormant bank accounts on the Isle of Man could be given to local charities.

A consultation exercise has been launched by the Treasury and asks for people’s views on the Dormant Assets Bill 2018.

Under the plans, money held in dormant bank accounts would be transferred to a central fund and to allow a proportion of the amounts transferred to be distributed for charitable purposes in the Island.

Account owners would have the right to reclaim their money indefinitely.

The process will run for 6 weeks and conclude on 19 October 2018.

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