|There are no
specific disclosure or reporting rules regarding dormant
bank accounts, so the exact amount held is impossible to
determine. Because most banks impose service fees after
six months of inactivity and/or when the balance drops
below $500, abandoned accounts are eventually depleted.
Any remaining funds are generally forfeited, accounted
for as "miscellaneous income."
The Hong Kong Jockey Club, which runs Mark Six lotteries, states unclaimed winning tickets total about $2.2 million per week - $115 million in an average year. The Hong Kong Lotteries Board recently decreased the forfeiture period from six months to sixty days. Unclaimed amounts go to the Social Welfare Department's "Lottery Fund," used to support various charities including projects for the elderly and running homes for the poor.
In an average year the Inland Revenue Commission transfers $12 million in excess taxes paid by residents and expatriates to the Treasury, where it is treated as general revenue. The Commission states it will refund overpayments if a person provides documentary proof "and the process (is) simple and uncomplicated."
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Unclaimed Property Associates Copyright strictly enforced.