Public financial institution Caisse des dépôts holds more than seven billion euros in unclaimed money sleeping in inactive accounts. To help people search for and recover forgotten funds for free, the institution set up an online service called Ciclade.
Individuals have claimed one billion euros through the online process over the last eight years. Users must create an account on the website and submit their information to check for unclaimed money.
Origins of Unclaimed Accounts
LCI economy journalist Thomas Schnell explained that the unclaimed sums come from forgotten bank accounts, life insurance policies, and employee savings plans. Schnell added that some funds stem from forgotten savings accounts, perhaps opened for grandchildren.
Banks transfer inactive funds to Caisse des dépôts after 10 years without claims. Caisse des dépôts keeps the money for 20 years before it lands in state coffers.
