Lost and Dormant Bank Accounts
Lost Abandoned forgotten or Dormant Bank Accounts.
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Thank you for visiting yourmoney.co.uk. Please do look around the site (use the navigation menu on the left. Check out our blog where we commenton and invite users to comment on items relating to personal finance news. Banks and Building Societies hold millions in dormant accounts money that people have forgotten about. Accounts are classified as dormant when no transactions have been made for a prolonged period or correspondence is returned as undeliverable.
The Banks Building Societies and National Savings have got together to form a single organisation to help you trace that lost account. You can visit their site here: A Dormant Bank Accounts brochure produced by the British Bankers Association (BBA) is available from banks to assist with the search for lost bank accounts. The brochure explains why dormant bank accounts exist, how banks deal with them and how you can reclaim the funds in your dormant account, or make a claim on another persons dormant account to which you have a legal claim. This is a FREE SERVICE and as part of this leaflet you will find a claim form which you can use for this purpose. These Dormant funds are transferred to a designated reserve account, usually earning a lower rate of interest.
For further information visit their web site at:
The Bank of England will also advise on any name changes that may have occurred over the years. Abandoned or lost Building Society Accounts
The Building Societies Association offer a free tracing
To track down a dormant Building Society account, or to trace a society that has changed name or been acquired by another, the Building Societies Association (BSA) can help. Building Societies originated as member-owned mutual organisations. Many have recently de-mutualised and floated on the stock market entitling members to shares in the new company. Thousands of customers have failed to claim shares worth hundreds of millions. Do you have lost National Savings (Premium Bonds and Post Office accounts?
National Savings and Investments also offers a free tracing Worth checking up on those old Premium Bonds that Uncle bought for you when you were a kid if you have not kept ERNIE informed every time you moved home!
Tracing Service
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Check out the pages on tracing lost assets and the list of useful contacts.
| Our list of pages on tracing lost assets |
Tags: Tracing Accounts