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Millions Forgotten in Old Bank Accounts

Millions of euros lie forgotten in customers bank accounts, reports the daily Keskisuomalainen. The Nordea bank group says over five million euros remain untouched in accounts. An increase in the popularity of internet bank statements might be to blame.

The Nordea bank group says it alone has over five million euros in untouched accounts. However, their average balance is around four euros, notes Unit Director Jussi Mekkonen.

An increase in the popularity of internet bank statements might be to blame. Customers may not receive a reminder of the existence of an old deposit account if switching from one bank to another.

A forgotten bank account is classed as one that has not been used for many years. Banks may stop interest payments if an account remains untouched for more than ten years but a legal obligation always remains to keep the saved funds indefinitely.

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