What happens to abandoned bank accounts?

08/06/2023

Bank accounts are declared as presumed to be abandoned if there has been no movement for 20 years. After that time, any balances go directly to the State coffers. In 2021, the last year for which we have data, the Treasury received around 29 million euros, mostly from abandoned bank accounts and, to a lesser extent, from securities firms, credit establishments and other financial institutions.

How should banks act when they detect an account presumed to be abandoned?

As a general rule, if we have an open account that we don't use, the bank must inform us of its existence and warn us that this situation could generate expenses or losses.

In the case of the presumption of abandonment, the bank must inform the holder before notifying the Ministry of Finance and Public Administration.

In addition to verifying and ensuring that there has been no activity in the account for a period of 20 years, the bank must also:

• Notify us of the status of the account and when it is due to be deemed abandoned, at least three months in advance, by registered post or similar means sent to the address indicated in the records. This notice will not be necessary when the cost of the notification will foreseeably exceed the amount of the funds.
• Provide us with certification that the money in the account has been delivered to the General State Administration, with an express indication of the date of its declaration and the Regional Economy and Finance Office to which it has been submitted.

Is the Banco de España responsible for declaring a balance presumed to be abandoned?

 No. The body responsible for issuing the declaration of a balance presumed to be abandoned is the Directorate General for State Assets. Therefore, if we do not agree with the declaration of a balance presumed to be abandoned and we want to file a complaint, we must contact the competent body:

As bank account holders, it is in our interest to keep an eye on our balance at all times. Therefore, we should keep our contact details up to date. If at any time we decide to stop using an account, it is best to give express instructions to our bank, in writing, requesting its cancellation.