An estimated £15 bn is held in over half a million dormant bank and building society accounts.
An account is considered dormant when a bank or building society loses contact with the account holder for a period of years. Written contact is made to depositors asking if they wish the account to remain open, but if no response is received the bank or building society will refrain from sending further correspondence and code the account is “lost”.
This often happens after the untimely death of a family member, name changes following marriage or divorce, following expiration of a mail forwarding order after a change of address, and as a result of computer and clerical errors.
And don’t assume that because your bank or building society no longer exists that unclaimed funds are gone forever. Your account may have been transferred to a successor after a merger or acquisition. Account owners – or their heirs – can reactivate the account and reclaim the money.
To trace and claim a missing bank or building society account complete the form below: