DID YOU KNOW THAT YOUR FAMILY BANK SAVINGS MIGHT HAVE BEEN TRANSFERRED TO THE CENTRAL BANK AND YOURS MAY SOON JOIN?
By Emmanuel Kilwana
Over the years billion of unclaimed bank balances have transferred to the central banks due to absentee owners.What are unclaimed bank deposits? Bank accounts or deposits which are inactive or inoperative for 10 years or more are treated as unclaimed monies. In a process what is called ‘’escheating’’ an account , banks are required to turn over funds from the inactive account to state treasury .Once the account is sent to the state, the funds are held as unclaimed property .
According Crets Financial Services, Parents must provide crucial financial information like bank accounts , debts , insurance policies , and stocks held to their spouses or children when still in their healthy sound mind . People traveling for a long period time or risky places, army personal prone to deployment must always avail essential information to their loved ones.
Unfortunately, most of us carry this information around in our heads — if we’ve thought of it at all — and never discuss it with our family members in a comprehensive way. Our loved ones must do their best to sort it all out later. By organizing early, rather than later, parents can prevent the loss of valuable information due to dementia or forgetfulness. The financial consequences of failing to keep your documents in order can be significant. For instance, without a list of known records or, those contracts could continue dinging bank later be transferred to central banks.
The author is a financial advisor for Prudential Assurance Uganda and CEO Crets Group Limited a graduate of economics from Makerere University with over five years’ experience in financial services .
