Find unclaimed assets The Unclaimed Assets Scheme
A new law, due to take effect next year, will create the Unclaimed Assets Scheme. It will allow banks and building societies to transfer money from dormant accounts (those that have been untouched for 15 years or more) to a reclaim fund, which will keep a portion of the money for repayment to customers, and will give the rest to the Big Lottery Fund for social or environmental purposes.
However, owners of the money retain their right to reclaim it, and any interest, at any time. In the case of any disputes, customers will have access to the Financial Ombudsman Service.
Banks and building societies have pledged to reunite as many people as possible with their money before the bill comes into effect and, as well as setting up Mylostaccount.org.uk, many are launching their own nationwide reunification campaigns.
In August 2008, we asked 3,131 members of the Which? online panel whether they are in favour of the scheme. We found that 41% are in favour, while 40% are against it. The remainder are undecided.
- For more information on tracing lost accounts, call our experts on the Money Helpline
- Take a look at our tips on keeping your savings safe
- Have your say on Which? Conversation
