SPAIN’s national bank has clarified their ability to take remaining funds out of accounts that fail to make transactions for two decades, legally considering it their property for being ‘abandoned.’
Keeping a bank account open that you don’t actually use isn’t strategic, it can actually cost you everything that’s in there.
Spain has received nearly €29 million in 2021 alone from bank accounts that fall into a certain criteria.
There is a specific requirement, confirmed by the Bank of Spain, that grants them the ability to transfer accounts and seize all of the remaining assets if the holder has not made a transaction in 20 years.
But in order for the bankman to take your money, they first have to verify that the account has not received any management or movement for a period of two decades.
The bank must notify the account holder at least three months prior to the 20-year expiration mark.
The notification should outline information relating to how much time the holder has until their account is considered expired.  Â
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If the procedure is fulfilled and the account makes it past the outdated position, it is considered legally abandoned.Â
State tax authorities can then seize bank funds for those classified as disused.
Before the Ministry of Finance is allowed to intervene with personal financial cases with issues related to unused accounts or deposits, they must first act in accordance with Circular 5/2012 that provides they inform clients about account procedures.
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