Unclaimed Assets

WHAT ARE UNCLAIMED ASSETS?

An unclaimed asset is a savings account or current account where there have been no transactions (withdrawals or deposits) on it, other than those carried out by the bank or building society (such as interest or payments). This will be for a set period during which the bank or building society has not heard from you. Unclaimed assets are also sometimes known as lost accounts or dormant accounts.

WHAT HAPPENS TO THESE ACCOUNTS?

The bank or building society will write to you at least once at the last address they have for you (unless mail has previously been returned from there) to ask if you want to keep the account open. If your reply is that you want to keep the account open, the bank or building society will continue to treat your account as
‘live’, sending your statements and other correspondence in the normal way.

If the bank or building society receives no reply after a set period – usually between six weeks and three months – your account may be considered ‘lost’ and will be treated differently from a live account. This is to protect you from fraud and to protect your privacy.

The money in the account remains your property. If you renew contact with the bank or building society the account will be reactivated or the money in it will be paid to you in full, with interest (if it is an interest bearing account).

HOW DO I TRACE AN ACCOUNT I HAVE LOST TOUCH WITH?

If you know which bank or building society your account is with, you can go direct to a branch to reactivate your account. Take along any documentation you may have for the account (such as a passbook) and a form of identification (such as a passport or driving licence).

www.mylostaccount.org.uk
If you think you may have a lost account with a bank, a building society, NS&I (National Savings and Investments) - or all three - you can request a search simply by visiting www.mylostaccount.org.uk and providing some information about yourself and your possible account(s).

If you do not have access to the Internet, you can call the following organisations and request a form is posted to you to complete:

• For banks - The British Bankers’ Association - 020 7216 8909

• For building societies - The Building Societies Association -  020 7520 5900

• For NS&I - 0845 964 5000.

CAN I TRACE THE ACCOUNT OF A DECEASED RELATIVE OR FRIEND?

Yes, if you have the legal right to the account and can prove this. The documents required may vary between different banks and building societies, but may include evidence of probate, for example.

WHAT IS THE UNCLAIMED ASSETS SCHEME?

From 2009, a new unclaimed assets scheme will be introduced. The details of the scheme are not yet settled – and are subject to the passage of a Bill currently before Parliament. The Bill is likely to become law by mid 2008.

The unclaimed assets scheme is a voluntary scheme by which banks and building societies can give unclaimed money held in dormant accounts (an account where there has been no customer-initiated activity for 15 years) to charity. It is important to remember however, that you will not lose your money under this scheme. You can reclaim your money, with any interest earned, at any time.