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£24 million in forgotten current & savings accounts

£24 million in forgotten current & savings accounts

Category: Money

Updated: 31/10/2008
First Published: 16/09/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

HSBC are writing to more than 12,000 customers as part of its campaign to reunite them with millions of pounds in forgotten current and savings accounts.The 12,000 customers have accounts that have not been used for more than 15 years. HSBC will also be actively trying to trace a further 5,000 customers with similar accounts but who no longer live at the last addresses the bank has on record for them.

In total, these 17,000 customers could reclaim more than £24 million.

HSBC's campaign is part of a government initiative to reunite people with their lost or forgotten cash. Under government regulations coming into effect next year, accounts that have not been used for 15 years will be classified as forgotten accounts. Money in these accounts will then be transferred to a government fund and used to finance a range of programmes. The money will however always remain the property of the customers who, should they get back in touch with their bank, will still be able to reclaim their money at any time.

Of the 17,000 accounts not used for 15 years or more, just 276 of them account for about 40% of the dormant account balances (£9 million). Indeed, 17 accounts have balances of more than £100,000. The average amount in 15 year+ dormant current and savings accounts is £1,400.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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