Reclaim dormant bank and building society accounts
The industry web site is www.mylostaccount.org.uk and it's a free service and helps consumers trace lost accounts and savings
Councillor Anderson said:
"It is currently estimated that there is anything up £350 million sitting in dormant bank accounts, £150million in building society accounts and £466 million in dormant NS&I accounts. The British government is currently planning to reinvest 'genuinely unclaimed' money in a number of projects. They define unclaimed assets as those where there has been no 'customer-initiated activity' for at least 15 years.
"People for many reasons may have bank or building society accounts that they have forgotten about which could have been as a result of moving job, moving home, getting married or the bank or building society no longer trading in their local area
"Now bank and building society customers are being asked to check if they have any money laying in dormant accounts and make efforts to reclaim their money via a new web site set up by 42 of the leading banks, 59 building societies and all NS&I products. By using the new web site www.mylostaccount.org.uk it is hoped that it will make it easier and quicker for consumers to reclaim lost money.
"Information sent via the site will be passed securely to the institutions that may be holding the dormant or lost accounts. The institutions contacted will then carry out a search of all their accounts and the applicant will subsequently be informed whether any account they hold matches the details submitted online." ENDS