§ 54. Mr. DAY
asked 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?
Transactions 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.
If 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. GARDNER
Do I understand that transactions annually take place in bookkeeping upon accounts which are never claimed?
Until the depositor turns up, the money is held at his disposal on the books of the Post Office.