§ 49. Sir R. YOUNGasked the Postmaster-General when a Post Office Savings Bank depositor's account becomes a dormant account; what number of years must elapse in which no deposit or withdrawal has taken place before the 2459 account is regarded as dormant; and how many such dormant accounts now exist?
§ The ASSISTANT POSTMASTER-GENERAL (Sir Walter Womersley)There is no date at which it can be said that a Post Office Savings Bank account is really dormant, as transactions often take place in accounts which have remained inactive for many years. Accounts in which no transactions have taken place during the previous five years and in which the balances are less than are, for the purposes of economy in bookkeeping, regarded as inactive and are transferred to a special class. At 31st December, 1935, there were some 9,900,000 such accounts with an average of balance of 1s. 11d.
§ Sir R. YOUNGDoes the hon. Gentleman's reply mean that there are no dormant accounts over £1?
§ Sir W. WOMERSLEYThere are some inactive accounts over £1, but if the persons concerned desire to withdraw their money, it is there for them when they come along.
§ Sir R. YOUNGIs interest added to those inactive accounts yearly if no application is made?
§ Sir W. WOMERSLEYI have no information on that question, but I can assure my hon. Friend that we deal fairly with all of them.