Comment kinda looks like a cash grab? (Score 1) 9
A chunk of that money is unrecoverable due to various circumstances like death, and the money was just sitting in the bank, building interest. But of course it's being used by the bank to invest in also. All of that cash is going to get yoinked out of the banks, which is going to ultimately hurt the banks.
And who gets the money? Is it just being confiscated by the government for general use like a tax? Or is there some dedicated public program the money is earmarked for?
And I'm sure they know that there will be a chunk of accounts that technically COULD be updated, but it's just not worth the effort for the account holders, either due to it being too small to bother with, or it's a middling amount but has too many hoops to jump through, or hoops they don't WANT to jump through. So again, grab the cash. They're small amounts, but it's going to add up.
And of course there'll be the chunk of them that are fruits of illegal activity, where the owners don't want to take the risk, and so again, yoink goes the cash.
This is looking like quite a (self-made) windfall for the government?