Accounts are considered to be dormant when contact with the owner has been lost. People lose touch with their money for many reasons. It can be as a result of a name change after marriage or divorce, moving house and forgetting to notify the provider.
In many cases family members are unaware that they are entitled to collect unclaimed assets owed to deceased relatives who have died without leaving updated financial records. Normally enquiries will be made with the account holder but if no response is received the account will be classed as dormant or lost. The funds will remain the property of the account holder[s] but no further enquires will be made.
Why should I trace my account?
The government has the power to take money from dormant bank and building society accounts and transfer it to charities under the Dormant Bank and Building Society Act. This does not mean that you will lose your money under this scheme – you can still reclaim it at any time (with any interest you have earned).
How do I trace a lost or dormant account?
If you have lost track of a Building Society or Bank Account or National Savings and Investments Account you may be able to trace this through
http://www.mylostaccount.org.uk
You can search online or download a hard copy form for completion and return. There is also a paper-based tracing scheme for users without internet access. In addition, all three organisations will still retain their paper-based tracing schemes for those without access to the internet. Forms can be obtained from your local bank or building society.
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