An estimated 315,000 people have been reunited with forgotten funds worth up to £645 million through the free account tracing service mylostaccount since its launch five years ago.
Since its launch in 2008 more than two million people have visited the website www.mylostaccount.org.uk, which helps customers of the UK’s banks, building societies and National Savings and Investments (NS&I) track down their dormant accounts.
Customers use the service by either logging their information using an online form or by contacting the British Bankers’ Association, the Building Societies Association and NS&I, who operate the scheme. In all, some 580,000 search applications have been made since launch. Forms are also available in bank and building society branches.
The website was followed by the Dormant Bank and Building Society Accounts Act, which enabled funds left unclaimed in dormant accounts for more than 15 years to be used on social investment and other community causes while at the same time protecting customers’ rights to reclaim their account money at any time.
In the past five years, NS&I has reunited customers with more than £445 million through its tracing service and mylostaccount. The British Bankers’ Association and Building Societies Association both had pre-existing schemes but nevertheless have dealt with 400,000 applications between them, reuniting an estimated £200 million.
BBA chief executive Anthony Browne said: “We’re delighted that mylostaccount has helped hundreds of thousands of customers reclaim lost savings. For each of them, it means an end to a sometimes long search for funds they knew they had but couldn’t find.
“It’s a free, easy to use service and can be used by going on-line or by walking into a local branch. It takes the hassle out of finding lost savings and I’d encourage anyone who thinks they might have an account but can’t find it to contact mylostaccount right away.”