Who owns the billions in Germany's 'forgotten accounts'?

While Germany is trying to make major budget cuts, billions of euros are silently sitting in banks and other financial institutions, unused and unnoticed in so-called forgotten accounts. A 2021 report from the country’s Research Ministry estimated that up to €4.2 billion ($4.9 billion) was in such accounts. Other estimates are much higher, some as high as €9 billion. The banks themselves haven’t released any figures. As people get older, have multiple accounts or die, relatives and heirs have a hard time identifying accounts. Online banking, with no paperwork or printed statements, makes it more difficult because the information is […]...

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