Funds Reunited

If you've got some money sitting in a forgotten bank account, claim it!

Wondering where you can lay your hands on some spare cash? You don't have to look down the back of the sofa, or raid the piggy bank. That's because you might have some money sitting forgotten in a bank account you opened in the dim and distant past.

If so, this could be a good time to recall where it is and re-stake your claim. Otherwise, any savings you leave untouched are likely to end up in Government coffers. The reason is that the Government has noticed the billions of pounds lying around in dormant bank accounts. A dormant account is one that's been inactive for at least 15 years.

The Government would like to make use of this money, by investing it in worthwhile causes and is planning to introduce an unclaimed asset scheme, to enable them to do so.

If you're tempted to claim, is it worth the effort? It could well be. HBOS alone holds around £50 million in dormant accounts, belonging to around 110,000 customers.

It's the first bank to take action on reuniting the money with the people who own it. Many of you will have disappeared off the radar because you've changed address and they can't find you, so HBOS have appointed credit checking company, Experian, to help track you down.

Show me the money, now

However, in the meantime, if you have suddenly remembered an old HBOS savings account (i.e Halifax, Birmingham Midshires or Bank of Scotland) and are keen to reacquaint yourself with it, all you have to do is contact the bank direct and they will give you further details on how to trace it. There is no charge.

It's not too much of a stretch to trace accounts with other banks and building societies either. You just have to contact them direct too.

But what if you've got an account with a financial institution that no longer exists? Or with one that has been taken over, but you can't remember by whom? Again, help is at hand. All you have to do is contact the Building Societies Association or the British Bankers' Association, who have a dedicated dormant account helpline. Their services are also free.

And if you don't track your money down in the near future, it won't be lost to you. Firstly, the Government expects banks and building societies to reunite bank accounts with their owners, before they take ownership of it. Secondly, you can still claim your money from the Government later on.

It's also useful to bear in mind that you can also claim monies held in other people's bank accounts, as long as you can demonstrate legal entitlement to these.

Whenever or whomever you claim it from, you will be entitled to the full amount in your bank account, plus the interest it's accrued over the years. Whether it's a little or a lot, it could be well worth getting hold of, if you could do with some extra funds right now.

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