can you reclaim on bank accounts that are over 10 years old

rossythewonderdog

I was a customer of Barclays at the age of 16 and was given a £2000 overdraft with out asking for it, the account has been closed for a number of years and I am now with another bank, but have I left it too long to try to reclaim any monies owing,

Please Help

:confused: Rossy

Orford

but have I left it too long to try to reclaim any monies owing,

As a 16 year old, you should not have been given an overdraft, since you cannot be allowed credit under 18. However after 10 years, you would have to argue s32 of the Limitation Act, which is not for the faint-hearted. So the simple answer is yes, you've left it too long

Hobertson_Rolbrook

On the other hand the statute of limitation states that "a reasonable person" must have been aware of the situation.

Hands up any body who knew of the possibility of bank charges being challangeable on the basis of unfairness before February 2006 (when the OFT published it's findings on credit card overcharging).

I dont see any hands in the air (LOL).

so it follows you have until february 2012 to claim back any charges ever applied to your account (using the above argument at court).

Here's the problem>

BANKS ONLY HAVE TO KEEP RECORDS FOR SIX YEARS

Which is worrying whilst years are being erroded with the OFT test Case

so if you have your statements you are in with a shout.If not the banks probably wont be able to help you with replacement statements.

borgbaiter

hi

as orford says yes you can under s32 but it isnt simple and will more than the advice to be found on here.

there is no rule about how long banks keep records. A full SAR rather than the standard "can i have statement" request will be required for everything they have on you.



Borgbaiter

ridoutshe

i have been sent a statement from santander abount an old closed abbey account stating i have 789.15
but i cannot get this back as the account was closed 15 years ago?
is this true?

esmerellda

Is it headed - TRANSACTION SUMMARY STATEMENT

with DATE OF NOTICE xx/xx/xxxx

then in the list

DATE STATEMENT OPENING BALANCE £700.00
DATE NET BALANCE £700.00



If so, it is a debt on the account, so I would leave well alone, its stat barred if you closed it 15 yrs hence, Santander are doing some weird stuff with their accounts lately.


If its not like that and is a letter from Abbey then you can ask for the return of the money that you left in the account (if you think you left over £700 in an account when you closed it?)

Premier_2

ridoutshe wrote: »

i have been sent a statement from santander abount an old closed abbey account stating i have 789.15
but i cannot get this back as the account was closed 15 years ago?
is this true?

Hi ridoutshe, and welcome to MSE. :hello:

The answer to your question is NO!

...
5. The funds in the account remain your property. If you make a valid claim the funds in it will be paid to you in full, with interest (if an interest-bearing account).
...
10. If a bank cannot agree on the validity of the claim, you will have the right to appeal through its internal appeal process. If your appeal is unsuccessful, you have the right to refer the matter to the Financial Ombudsman Service, ...

http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=144&a=501&artpage=2