Money Mensch: How to reclaim your forgotten money

By Martin Lewis, May 7, 2009
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There is a staggering £850m sitting in dormant accounts. Reclaim it.

Millions of pounds are lying lost in unaccessed bank accounts across the UK that could belong to you or a deceased relative. This is because once an account has become inactive for a number of years, or if statements from the provider are repeatedly returned to them, it is classed as dormant. This means that unless you have an inkling that you had an account with a provider, it is unlikely you will ever find out about it.

Banks, building societies and NS&I now have a one-stop website where you can ask for the cash, www.mylostaccount.org.uk. You can fill out a form to allow providers to scour their records and notify you of any possible bounty.

You should note that under legislation likely to be enforced later this year, the government plans to round up all cash that has not been claimed for over 15 years and divvy it up to “good causes”. But if this happens, any cash that is yours should still be available for reclaiming. It is not just bank accounts that contain forgotten funds: elsewhere there are sites allowing you to look for the even larger piles of cash sitting in old pensions, life insurance, investments and more.

Full details of those at www.moneysavingexpert.com/forgottencash

    Last updated: 10:27am, May 12 2009