Menu
From our family at the " Jewish News Today " to your family Happy Chanukah and best wishes

From our family at the " Jewis…

During Chanukah lets all ...

World Jewish Congress urges UN Security Council to take collective action against Hamas

World Jewish Congress urges UN Secu…

NEW YORK – The World Jewi...

3rd Diplomatic Race to celebrate Israel's special needs community

3rd Diplomatic Race to celebrate Is…

Ahead of International Da...

Deadly Shooting at Pittsburgh Synagogue

Deadly Shooting at Pittsburgh Synag…

According to police and m...

PM Netanyahu's remarks at the start of the weekly cabinet meeting

PM Netanyahu's remarks at the start…

PM Netanyahu: "Israel sta...

11 Dead, 6 Injured in Pittsburgh Synagogue Shooting

11 Dead, 6 Injured in Pittsburgh Sy…

The gunman who killed 11 ...

World Jewish Congress expresses concern at explosion targeting Jewish community leader in Kazan, Tatarstan

World Jewish Congress expresses con…

NEW YORK - The World Jewi...

PM Netanyahu addresses the Christian Media Summit

PM Netanyahu addresses the Christia…

Iran wants to base itself...

PM Netanyahu visits the Ein Keshatot archaeological site on the Golan Heights

PM Netanyahu visits the Ein Keshato…

We will continue to act w...

PM Netanyahu and Chancellor Merkel hold working meeting

PM Netanyahu and Chancellor Merkel …

​We are seizing the futur...

Prev Next
A+ A A-
Booking.com

Names of holders of dormant bank accounts in Switzerland released Featured

EJC, Swiss banks on Wednesday published the names of more than 2,600 people whose bank accounts in Switzerland have lain dormant for more than 60 years, giving them or their heirs one last chance to claim their wealth before it reverts to the state.

The banking industry said around CHF 44 million (US $ 44.5 million) were lying fallow in bank accounts that had gone untouched since at least 1955. There are also around 80 safety deposit boxes whose contents and owners are unclear.

The searchable website https://www.dormantaccounts.ch went live on Wednesday following new legislation that took effect last January.

"By publishing this information, the banks are making a last attempt to re-establish contact with the customer," said Claude-Alain Margelisch, chief executive of the Swiss Bankers Association. "For the banks, on the other hand, these new regulations create legal certainty for the treatment of dormant assets."

More names will be added to the list every year as the 60-year period rolls on. The deadline for submitting requests is one year from the date of publication. It could take weeks or months to evaluate claims, the banking association says, adding banks may charge their costs to claimants who file clearly unfounded requests.

During the 1990s, the World Jewish Congress led a campaign for Swiss banks to return assets of Holocaust victims. In 1998, Swiss banks agreed to a US$ 1.25-billion settlement of these claims.

The website provides information regarding dormant assets held at Swiss banks for which the last customer contact was at least 60 years ago and the value of which is above CHF 500 or is unknown.

As of 1 January 2015, Swiss law demands that assets of bank clients with a total value exceeding that amount have to be published after having been without contact for ten years and dormant for another 50 years, e.g. after a total of 60 years. These assets will be liquidated and transferred to the Swiss government if no beneficiary has submitted a justified request within a given delay.

The procedure also applies to safe deposit boxes with an estimated value of more than CHF 500.

The deadline for submitting requests is one year from the date of publication or, in the case of assets for which the last customer contact was in 1954 or earlier, five years. If a request is clearly unfounded, and the person making the claim cannot credibly demonstrate a connection with the assets claimed, the bank may require that person to reimburse the costs incurred by the bank in examining the claim.
Last modified onWednesday, 16 December 2015 13:16

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

back to top

Sections

Jewish Traditions

About Us

Community

Cooperations

Follow Us