Unclaimed assets - claimed!

Millions of pounds are gathering dust in unclaimed accounts; in some cases, for 15 years or more. The government wants to get its hands on that money in a scheme which would allow it to be used for charitable purposes, mainly youth-related projects.

What has not be resolved yet is the argument being put forward by the banks especially about the difference between accounts that are "lost" and those that are merely "dormant". In the case of the former, accounts where mail is returned as "addressee unknown", are flagged to stop confidential account information being sent out. On the other hand a dormant account may belong to someone who knows exactly where their money is. Another issue still to be addressed is that of what happens to someone's membership rights if funds are removed from a building societies' balance sheet.

The banks and building societies are pressing the government to include National Savings & Investments in any discussion on unclaimed assets. NS&I recently estimated it held £1.8 billion in dormant accounts, including 25 million in unclaimed Premium Bond prizes.

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