Dormant account website proves successful

30/01/2009

A quarter of a million people have used a new free website aimed at helping them to claim back money lost in old bank accounts.

The site, mylostaccount.org.uk, was launched by industry groups in order to reunite customers with funds they had left untouched for 15 years or more.

Recently, the government introduced new legislation to make use of the money held in the dormant accounts.

The laws allow the funds to be channelled into a single central account, money from which is used for community projects.

However, to give people the opportunity to claim their money back, the British Bankers' Association (BBA), Building Societies Association and National Savings & Investments launched the site.

Angela Knight, chief executive of the BBA, said: "When we launched mylostaccount we hoped it would reunite record numbers of people with their money and it has more than surpassed our expectations."

Tags; Debt Management and Banking, Young Family Finances, Retirement Money Problems,

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