BBA: Consumers should look for dormant accounts

Wed, 01 Aug 2007

Consumers are being urged by the British Bankers' Association (BBA) to look for old bank accounts they may have forgotten about.

The British Bankers' Association has already seen a 30-fold increase in claims in the run-up to unclaimed assets schemes.

Chief executive of the association Angela Knight CBE has advised customers to contact the British Bankers' Association as money lying dormant in an account still belongs to the customer.

"It doesn’t matter how old the account is, how little money is in it, or even if the branch or bank has closed, our experts are trained to track it down for you," she commented.

According to the association - which has already handled 40,000 claims this year - the top two reasons for dormant account claims are moving house and finding bank books of someone who has died or gone into care.

Forgotten assets in the UK are estimated to be worth £350 to £500 million.

It was found recently by Apacs, the UK's payment service, that since the introduction of chip and pin fraudsters could be looking to online banking as a way to commit crime.


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