Banks and building societies have set procedures for trying to contact customers before they mark accounts as lost. This contact is normally in addition to other regular customer mailings. Depending on the circ*mstances, banks and building societies may also undertake other forms of pro-active search to trace customers when they lose touch. In the event that an account does become lost, however, customers can reactivate the account or otherwise claim their money on application to their bank, building society or NS&I or by using the online claim form on mylostaccount.org.uk
For how long do banks and building societies retain lost accounts?
After 15 years of no contact with a customer, monies may be transferred under the statute-backed scheme to benefit societal causes. Where this is the case, banks and building societies continue to hold all records of your account in perpetuity and the transfer of such monies has no bearing on the rights of the legally entitled account holder to access their funds in the future.
Banks and building societies only need to keep records of closed accounts (where all money has been withdrawn or transferred to another account) for six years after closure.
Will I lose the right to my money under the unclaimed assets scheme?
No. Moreover, you will continue to be able to search for longstanding lost accounts through the bank or building society in question or through mylostaccount.org.uk. Banks and building societies, under the terms of the statute-backed scheme, will continue to undertake searches where account holders - or their legal heirs - come forward after the money has been transferred.
Shouldn’t banks and building societies do more to trace their customers?
Banks and building societies go to considerable lengths to trace customers - the extent depending on the amount involved - but where it seems clear that a customer no longer lives at the last known address, there would be a substantial risk to continue to send information about the account there.
Banks and building societies use whatever information they have access to in attempting to contact their customer, but where these efforts are not successful, the account will be classified as lost. Banks and building societies do not set out to lose contact with their customers and it is not in their commercial interests to do so. NS&I take similar steps in re-establishing contact with its customers.
