Press Release
MP Says - It Is Your Money And In Your Interest To Claim It
Far too many bank accounts lie dormant, and Tom Clarke MP is urging his constituents to claim their own money. Across Britain bank customers have approximately £44 million held in around 110,000 old and unused savings and bank accounts.
Mr Clarke said;
“In my constituency, the Halifax Bank has identified 95 dormant accounts with a total balance of £14,216; which works out at an average of £150 unclaimed funds per account. This money belongs to people who have worked hard to build up their savings. I am absolutely determined to do everything possible to reunite people with their own money and the interest that may have accrued”
The MP heaped praise on Halifax as the first bank to announce such an initiative, when he said, “They are the first Bank to publish the number of dormant accounts held by customers and the total amount of money held in these accounts. Indeed Halifax has now taken the additional step of employing a tracing agent to seek out those customers with whom contact has been lost. I am sure that the people who get their money will join with me in applauding Halifax for this outstanding initiative”.
The MP explained the definition of a dormant account when he said, “The Government defines a dormant account as a banking or savings account that has had no customer initiated transactions for 15 years or more. These Accounts become dormant primarily because customers lose track of accounts over the years; as banks and building societies change ownership, passbooks are lost or relatives pass away. It is also possible to lose touch with customers if they stop using their accounts and change their address without notifying the organisation. There is nothing sinister in how this situation develops; it has much more to do with the personal circumstances of individuals and the structural changes in the Banking industry”.
In a bid to explain what actually happens to such accounts and to offer reassurance to his constituents he continued:
“Currently unclaimed balances remain in the books of banks or building societies. The Government is proposing a new scheme that will enable money from these accounts to be reinvested in society. Customers with dormant accounts will retain their rights to the funds and will be able to reclaim their assets plus any interest that they are owed at any point”.
The MP concluded: It is really important that my constituents can locate their accounts. I am extremely anxious to encourage and keen to help reunite people with any dormant accounts that they may have. This can be achieved with the simple task of completing a form that can then be sent to the British Bankers Association (BBA). If any constituent has an account with the Halifax or any related company they can locate a dormant account by contacting my office and I will duly send an application form to their home. Reunited customers will be entitled to their full balance and any interest earned”.