The Guardian And Evening Star, with which is incorporated the West Coast Times SATURDAY, AUGUST 27, 1932. UNCLAIMED MONEYS.

Hokitika Guardian, 27 August 1932, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times SATURDAY, AUGUST 27, 1932. UNCLAIMED MONEYS.

Included in the provisions of the Finance Act, 1932, were -sections dealing with the provisions of the Unclaimed Moneys Act, 1908 whereby the provisions of the latter have been extened to Post Office Savings Banks throughout the Dominion and these are now required to furnish returns giving particulars of moneys which have not been claimed by their owners. As a result, depositors who hate ceased to operate on their accounts for an unusual length of time are being circularised by the postal authorities, and although the Consolidated Fund will benefit, it is more, than probable that many forgetful people will be agreeably surprised to find that they have a balance, in the Savings Baink which has continually been growing with the addition of interest from year to year. Those who have less than £1 deposited need have no false hopes, for on sums smaller than this amount interest does not accrue. Trading banks °re not effected by this recent legislation, since they have always observed the provisions of the Unclaimed Moneys Act, 1908, under which they are required to write to the last known place of abode of any person who has not operated on an account for a period of , six 'years. If -nothing eventuates from this letter the moneys in the account are forwarded to the hanks’ head office, where is is held for a period of three mouths, and the owner advertised for in the New Zealand Gazette. T\ at the expiration of this period, no - laim is made the money is paid to the- Treasury Office. Even at this stage, however, a person is not debarred from claiming and receiving the money, if ho can bring satisfactory,

evidence of his title to it. It is very seldom that the banks forward unclaimed money to the Treasury, since they all keep a close check on accounts, and accordingly, as soon as it appears that a person has ceased to operate in the usual way on an account, a letter is promptly sent advising the client and pointing out to him that it is inadvisable to leave money lying idle

while it iis all the time being eaten up by bank charges. It is certainly difficult work on occasions getting in touch with forgetful clients, but with the aid of directoiies and electoral rolls correct addresses are usually found. In the majority of cases the amounts involved d'o not exceed £lO, but in one ease, the only case of an inoperative account of winch an authority had knowledge, the amount was £6OO. In this case, which occurred in Timaru, the owner of this money was never traced, and so the Treasury benefitted to this amount. Moneys deposited so as to bear, interest for a fixed term are deemed unclaimed at the expiration of six years from the date when the fixed term ends. Moneys deposited so as to bear interest for a fixed term are deemed unclaimed l at the expiration of six years from the date when the fixed term ends. Moneys deposited so as to bear interest without any limit of time are deemed unclaimed at the expiration of 25 years from the* date when the account was last operated upon by the customer, whilst moneys deposited on current account or otherwise and not bearing interest become unclaimed moneys at the end of six years from the date when the account was last operated by the customer in the case of a bank other than a Post Office Savings Bank, and at the expiration of 25 years from such a dlate in the case of a Post Office Savings Bank. In every case, however, where the application of the Act is involvd the greatest care and trouble are taken bv the authorities to trace the owners of‘the moneys