ABSENT-MINDED RICH.

Hauraki Plains Gazette, Volume XXXVII, Issue 5061, 6 December 1926, Page 4

ABSENT-MINDED RICH.

MONEY LEFT IN BANKS.

INSTANCES IN NEW SOUTH WALES

s One person in every ten in New South Wales has money in the bank, and has forgotten all about it. With the Governmejit Savings Bank alone there- are more than 230,000 depositors who have small sums to thflir credit which the bank officials believe will never be, withdrawn. A great many df the accounts are Tor the humble sum of one shilling, but in the. aggregate the accounts run into many thousands of pounds. The Government Savings Bank Act does not provide for the allocation of these unclaimed and consequently the accounts are kept open, though no interest is credited. But with the -'Commonwealth Savings Bank and others it is laid down that if an account has not. been operated upon, either by a withdrawal or by a deposit, for seven years, the money passes to the Unclaimed Deposit Fund and interest ceases. DEEDS AND DOCUMENTS. ’ There fire many accounts for large sums, £5OO and more, which have not been operated upon, nor the pass books sent in, for years. But it is not only with "cash that some people, are forgetful. In the safes of some banks, and also in lawyers’ offices,, are documents and deeds worth thousands, of pounds, the owners of which have not communicated with the holders for years and yeiajrs.

What to do with these is a problem

A case in point is that of a solicitor whom a casual client instructed to pay off a mortgage op a valuable property. The solicitor did ££>, and collected the deeds. 'He received payme'nt for his service, but received no answer to his letter asking what to do with the deeds. He still has, them. FORGOT HER TROUSSEAU I’

The Railway Department has many cases, of unclaimed valuables, but the most striking -o'f all is a wedding trousseau, which the bride placed in the luggage-van' and, .though she travelled with her husband on the same train, failed to call for. it when she reached her destination. It was sold ait auction and realised a few shillings.

With regard to bank depositors who forget that they have “a little bit put by,’ it is not uncommon 'for them to remember, the fact twenty or even twenty-five years later,, and then make a demand for it. INTEREST, 16s; 9d. One; woman, who had £1 in the Savings Bank, sent her book in after twenty-one years, and when the interest was made up .she w®ls*delight.ed to find that she was entitled tp draw £1 16s 9d.

. But of all the people' whom one would expect to see to it that their money earned interest all the time are pawnbrokers. Yet the Brisbane Pawnbrokers’ Association has £lB 17s Id to its credit in the Commonwealth Savings-Bank that has. been passed to the Unclaimed Deposits Fund, and consequently- does not bear interest. This fa.ct has been advertised by the bank, and, as one official puts it, “Some officer of that association is in for a bad time when the members hear of it.”