Consumer Updates
DORMANT ACCOUNTS
What is a dormant account?
If an account has not been used for some time (firms may
have different definitions, but usually a year), the bank or building
society will write to the customer asking them if they want the
account to remain open. If contact has been lost, the bank or building
society will no longer send out mail and will class the account
as "dormant".
The money on the account will always remain the property of
the account holder (or if the account holder has died, their legal
heirs).
How do you trace a dormant account?
You can trace long-lost accounts through a service run by the
British Bankers' Association (BBA) and the Building Societies Association
(BSA).
Just complete a simple claim form, available from banks, building societies, libraries, CABs, the BBA or BSA.
The service is free and is designed to help where the
customer is unsure which bank or building society the account is with,
or where the bank or building society has since closed or merged.
On-line service
For people with Internet access the British Bankers' Association form is also available from their website at www.bba.org.uk.
The form can either be returned by post or sent in electronically.
Information on mergers or conversions will also be on the BBA and BSA
websites to help customers work out which bank or building society now
holds their account.
Even if you are not sure which bank or building society the account is
with, fill in a form as the BBA and BSA will circulate the details to
all their members.
Firms offering to trace assets
Be wary of companies that offer to
trace assets for you. They may well take a percentage as a fee but do
nothing for you that you could not do for yourself either free or at a
low cost.
Other dormant accounts and investments
The following organisations may be able to help you trace other
savings and investments that you have lost track of:
British Bankers
Association
Building Societies Association
National Savings and premium bonds - National
Savings and Investments
Occupational and personal pensions - The
Pensions Schemes Registry
Life insurance policies, dividends and other assets - The
Unclaimed Assets Register - Tel: 0870 241 1713 (there is a charge for searches)
Unit trusts
- The Investment Management Association
Investment trusts -
The Association of Investment Trust Companies
For more information on Banking - Using
a Bank Account (internal link)
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