France: Billions of euros held in forgotten bank accounts

Billions of euros currently sit in forgotten bank accounts and life insurance contracts in France. These funds, which include unclosed savings books or accounts left after a death, are transferred to a state-managed security system when owners cannot be identified.

Under the 2014 Eckert Law, banks and insurers are required to transfer inactive accounts to the Caisse des Dépôts after 12 months of no activity or three years following a death for life insurance. Beneficiaries have a total of 30 years from the last transaction to claim these funds; only after this period do the sums become permanently acquired by the State. Individuals can use the official Ciclade.fr website to check for unclaimed assets for free.