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Bank claim: Millions reclaimed through My Lost Account

Up to £645 million has been reclaimed from owners’ forgotten bank accounts over the last five years.

My Lost Account is a free service run by the British Bankers’ Association (BBA), NS&I and the Building Societies Association (BSA). It allows people to find any money that has been held in bank accounts, building societies, savings and investments that has been forgotten about by users.

Operators said that, since the launch of the service in 2008, 315,000 have used My Lost Account and 580,000 people have made search applications.

The BSA believe that returning this cash to its owners will help to aid people in some way while the economy is in a difficult state.

Similar schemes were already being run by the BBA and BSA. These received 400,000 applications and saw £200 million returned to customers.

If customers leave money dormant in their bank accounts for over 15 years then this can be returned to the government to fund social investments.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801546435-ADNFCR



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