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Reuniting people with lost bank accounts
29/02/2008
A new service has been started up this month to help people recover their money from savings accounts they have lost or forgotten details of.
The Building Societies Association, the British Bankers' Association and the government's own National Savings & Investments have grouped together to create a website at mylostaccount.org.uk. This represents all 59 building societies in the country (59) and 43 banks. They are launching the site with a nationwide advertising campaign.
Holders of savings accounts (or their executors in a probate situation) just need to log on to the website and give basic details. The information is sent to all the members and a trace process is instigated which completes within 3 months.
Starting in 2009 the government will take over any funds left dormant for over 15 years and distribute it to community and charity projects. However, if funds are subsequently claimed by the rightful owners, a refund will still be given.
The Building Societies Association, the British Bankers' Association and the government's own National Savings & Investments have grouped together to create a website at mylostaccount.org.uk. This represents all 59 building societies in the country (59) and 43 banks. They are launching the site with a nationwide advertising campaign.
Holders of savings accounts (or their executors in a probate situation) just need to log on to the website and give basic details. The information is sent to all the members and a trace process is instigated which completes within 3 months.
Starting in 2009 the government will take over any funds left dormant for over 15 years and distribute it to community and charity projects. However, if funds are subsequently claimed by the rightful owners, a refund will still be given.