£645m Recovered From Lost Bank Accounts

Published on 7 September 2017 by Raffick Marday

£645m Recovered From Lost Bank Accounts

Thanks to a free UK financial tracing service, up to £645 million has been returned to owners of lost or forgotten UK bank accounts over the last five years.

This is thanks to the service My Lost Account. Since launching in 2008, the scheme has seen approximately 315,000 people use the service. This has resulted in around 580,000 search applications, according to the service, which is run by National Savings and Investments, British Bankers' Association as well as the Building Societies Association.

The UK Service

My Lost Account allows users to find lost or dormant money, and highlights how easy it can often be to lose track of accounts and other financial deposits. Users are able to find lost money sitting in old accounts throughout banks and building societies. This even extends to National Savings and Investments (NS&I), where money can just as easily be forgotten

In fact, a total sum of £445mn, collected through its own tracing system and My Lost Account, has been found in NS&I alone. This is the amount that has been reunited with customers so far, but further funds may still remain unclaimed or unrecovered.

As for the remaining £200mn, this has been returned to customers through existing schemes and services already in place with the British Banker's Association and the Building Societies Association. Between them, this amounted to 400,000 applications to find lost money.

Despite the success, this nonetheless shows some of the forgotten and lost, yet available, money sitting in lost or dormant bank accounts. It should also be noted that unused cash in bank accounts that have been dormant for more than 15 years can be used to fund social investment. This is part of the Dormant Bank and Building Society Accounts Act of 2011.

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