Japanese banks trying to hold on to savings of dead clients

In an attempt to keep billions in funds left by deceased customers, Japanese regional banks are using special trusts to enter into banking relationships with the heirs of the departed.

The step comes as the country’s local lenders have been losing 60 percent of funds that are subject to inheritance, Bloomberg reports, citing estimates by Fidelity Investor Education Institute. Smaller banks across Japan have to say goodbye not only to millions of clients dying each year, but also to their savings after heirs opt to move to bigger cities where bigger banking institutions are dominating.

source: https://www.rt.com/business/426815-japan-banks-dead-customers-savings/

Author: Rayan M

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