Old accounts

My elderly mother has some HSBC account which she wanted to close. They came back to us that the account was unused for some time and in an unclaimed status and asked us to “apply” to reactivate it. Can the Malta Financial Services’ Authority or any...

My elderly mother has some HSBC account which she wanted to close. They came back to us that the account was unused for some time and in an unclaimed status and asked us to “apply” to reactivate it.

Can the Malta Financial Services’ Authority or any other banking governing body put our minds at rest that these accounts are not being “taken away”?

Many elderly people have accounts of which they hold no knowledge due to illness and other reasons and I have quite a good idea of what might be going on. Are safeguards in place to prevent these accounts being “lost”, to use a prudent word?

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