§ 54. Mr. DAYasked the Financial Secretary to the Treasury the amount of unclaimed deposits in the hands of the Post Office. Savings Bank authorities; whether he will give particulars as to how many years these deposits remain with the Post Office Savings Bank before they are considered as unclaimed; and in what way the interest that accrues on these deposits is dealt with?
Mr. SAMUELTransactions often take place on deposits in the Post Office Savings Bank after a long period of inactivity; at no point of time are the deposits regarded as unclaimed. It is impossible therefore to calculate the figure for which the hon. Member asks. As regards the last part of the question, in accordance with the Post Office Savings Bank Act, 1861, interest on deposits is calculated annually on all accounts with balances of £1 and over and is added to, and becomes part of, the principal money.
§ Mr. DAYCan the lion. Gentleman say if some accounts remain there for a great many years and if there are any transactions on them or are they considered as unclaimed?
Mr. SAMUELIf they remain unclaimed, the money is not taken away from the Post Office; it remains in the Post Office for the depositor when he applies.
§ Mr. DAYDo the Post Office take any steps to find a depositor or a depositor's heirs in respect of money which has not been claimed?
§ Mr. GARDNERDo I understand that transactions annually take place in bookkeeping upon accounts which are never claimed?
Mr. SAMUELUntil the depositor turns up, the money is held at his disposal on the books of the Post Office.