Mark backs dormant accounts campaign

Winchester MP Mark Oaten has backed a campaign encouraging people to claim money which has been left in dormant bank and savings accounts. 

A report by MPs in the Treasury Select Committee estimates that between £400m and £500m is held in dormant bank and building society accounts across Britain. 

One UK bank, HBOS, has identified 123 dormant accounts in the Winchester area alone, with a total balance of £20,847: an average £169 of unclaimed funds per account.  The total amount held in dormant accounts in all the banks and building societies in the Winchester area is likely to be substantial.

Dormant accounts come about when an account has been inactive for an extended period.  In these circumstances the account holding bank will write to the customer asking them whether they wish the account to remain open. If no response is received, the bank will stop sending correspondence and will class the account as "dormant". This ensures that financial details are not sent to what might be an old address, reducing the risk of fraud and ID theft.  

Customers are being urged to claim their money before the enacting of government proposals which will make it compulsory for banks to release unclaimed assets to fund social causes such as sports facilities, youth clubs and drama venues.

Those who wish to trace dormant accounts can do so by contacting the British Bankers’ Association (www.bba.org.uk), who offer a free claims service.   

Commenting, Mark Oaten MP said:

“There is an astonishing amount of money sitting unclaimed in dormant accounts in British banks and building societies. 

“I would encourage local people to take advantage of the free claims service to track down these accounts and be reunited with their long-lost money.   

Martin Tod, Parliamentary Candidate for Winchester, added:

“If you think you might have an old account somewhere, this is definitely worth doing. 

“Even if the account only had a small amount in it when you last looked at it, over the years it could have grown to a lot more.

“You can fill out a paper form or fill out the form online, and the British Bankers' Association will search for the account for you.

ENDS