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Website to help find 'forgotten fortunes'
Up to half-a-million people in the UK have money in bank accounts they've forgotten about and, according to the British Bankers' Association, they could be sitting on a gold mine. But now there's a simple way to get this money back. Three banking organisations have put their heads together to help reunite people with their lost cash. Reporter Kate Proctor looks at the plan.
HAS an old bank statement or building society book recently turned up? Think your grandparents put some money away for you as a baby but have no idea where it has gone?
You might be one of thousands of people across the country entitled to claim back money left in lost bank and building society accounts and now it's easier than ever to find it.
The British Bankers' Association, the Building Societies Association and National Savings and Investments have merged their databases to create My Lost Account, a free website which traces money deposited in savings and bank accounts.
The website has been running for 18 months and has already had 700,000 enquiries.
Between these three organisations all the records of banks and building societies in the UK are represented, including Yorkshire-based banks like Halifax and Abbey.
The database can also trace accounts held with banks and building societies which have merged or changed their name or no longer exist. Visitors to the site can trace money belonging to themselves or a deceased relative by filling out an an online claim form. This is then passed securely to the institution which which may be holding the lost account.
The process is speeded up if the claimant includes as much information about themselves and the account as possible. Building society book reference codes, bank account numbers or sort codes, as well as maiden names and past addresses help to reduce the time it takes the banks to search for a match. The banks aim to process claims within one month but due to demand it can take up to 12 weeks.
Before an account is reactivated and the money released to its rightful owners, the banks will need to be satisfied about the identity of the applicant and that their legal entitlement to the account money. This involves filling out more forms but if the bank or building society thinks your claim is genuine they will tell you the balance on the account, any interest owed and how to access the money.
Margaret Brazey, 60, of Duggleby, near Malton retrieved 1800 from a National Society savings account belonging to an aunt who died in 2000.
She said: "I saw the advert for the site in the Yorkshire Post and thought I had nothing to lose by going on the website. I had this passbook of my aunt's in a box of old family papers like birth and death certificates. I thought she would have withdrawn the money before she died but when I gave the book a proper look I realised she hadn't and was able to get the money back."
Margaret, who is now retired, used the surprise lump sum to pay for a new bathroom and replace her ageing boiler.
"We were doing a lot of work at the time and it helped us replace a few things. Now we say the boiler is dedicated to my late auntie!"
But she warns that there can be a lot of form filling, especially if you're claiming for a relative's money.
"It was easy at first because I had the reference number on the national savings passbook but actually filling in the forms they send out to you was quite confusing. If it had been my own account I don't think it would have taken so long. Altogether it took about two months to get the money back."
Lesley Mcleod, of the British Bankers' Association said the company are delighted with the success of website My Lost Account.
She said: "People often forget about the odd bank or building society account they have, especially if they have moved house. And sometimes things come to light when elderly relatives go into care or you are clearing out a house. It is important that people know that, if they are entitled to the money, it is still there for them even if the branch is closed or the bank has changed name.
It's your money: make a search – it's free and just takes minutes – and see what may be out there with your name on it."
Visit www.mylostaccount.org.uk for more information.
Need advice on how to cope money-wise?
LOOKING for advice on debt, reducing fuel bills, accessing benefits or sources of credit, getting a new job or even starting your own business? Then there are experts on standby to help people in west and north west Leeds survive the economic downturn.
West North West Homes Leeds is working with InCommunities, Bradford, to encourage tenants to come along and speak to experts at Fairfield community centre, Bramley, on Wednesday between 2pm and 6pm.
If people are having problems with debt and need to be able to manage their money better, help may be available to reduce fuel bills, or access benefits or sources of credit. Those looking to learn new skills for a job or even start their own small business will be able to speak to people who can help. Advice will be available for lone parents or those with disability or health problems looking for work. Age is not a problem as experts can advise on opportunities for those between the ages of 16 and 65.
There is also the chance to win tickets to a Leeds Rhino game, a mobile phone or a games console by entering one of the prize draws being held at the event.
Cathy Clelland, chairman of the West North West Homes Leeds board, said: "Events such as these show that we are really keen to help any of our tenants who need financial advice or want to realise their potential. It is also important that we forge partnership links with other agencies so we can all work together to support our customers."
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Weather for Leeds
Wednesday 23 May 2012
Today
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Temperature: 11 C to 24 C
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