Closing a Joint Signature Savings Account

Kilgore

Hi

Can't believe this is my first post after years of trawling through these forums for years finding great money saving tips.

My problem is that I have an old joint savings account with my ex girlfriend from 1989 with the The Britannia. About a year ago I had a statement from them saying there was about £40 in the account. I had forgotten all about it. The trouble is the account requires 2 signatures to close or withdraw the cash. All I know is my ex moved back to Essex. If I am unable to trace her (and I'm more than happy to give her the share) then how do I stand.

Can the Britannia hold this money and keep the account open indefinately.

Thanks

Josepina

i have similar account but just 32p in it. lets hope someone clever knows!

john_s_2

Interesting. I'm sure banks get this query all the time. I'm sure they'll be able to help.

I tried closing a joint account with my wife - simply because we don't use it any more. But the bank explained it needed both of us to close it - even though we're independent signatories. So I could have withdrawn all the money (although there was nothing in it) but couldn't close it.

I couldn't even withdraw my interest in the account, so converting it to a single account in her name. Although that makes sense as I could have just written a huge cheque against and leave it for her.

So as for your account, I am almost certain they will require both your signatures to do anything with it. facebook? Friends Reunited?

In the meantime the bank / bsoc will hold the money indefinitely as you say. You can't lose it, so long as they believe it's you when you approach them. (For that reason it would be a good idea to let them know you're still around. Have you changed address for instance? I take it one of you has otherwise you'd still be in communication with her...)

Good luck!

opinions4u

They shouldn't close it without both signatures.

It's as simple as that.

The handful of suggestions I have for getting around this are illegal!

Kilgore

Hmm...not sure what to do with this then. I wonder what happens to all these accounts with money still in them.

I have advised them that we are no longer at the original address so once a year I get a statement telling me how much of our money they are keeping. I will let you know how I get on.

thanks

rb10

Kilgore wrote: »

Hmm...not sure what to do with this then. I wonder what happens to all these accounts with money still in them.

They sit there, patiently awaiting instructions from the account holders as to what they want done with the money.

Blah99

Easiest way around this is to do it via mylostaccount.org.uk. Open a claim and tell them you've lost track of this account. They'll trace it for you and either pay it out to you directly, or ask you for your ex-girlfriend to confirm the payout. You can then explain to them that she is now an ex-girlfriend and that you have no way to contact her. Worst case they give you 50% of the account.

Mylostaccount are actually pretty decent, I know someone who had the book for an old account from childhood and they'd changed their name in the intervening years. They didn't have any proof of previous name but had the same details (DOB etc) and the passbook - they still got the money out of the account after a few letters.

withnell

Blah99 wrote: »

Easiest way around this is to do it via mylostaccount.org.uk. Open a claim and tell them you've lost track of this account. They'll trace it for you and either pay it out to you directly, or ask you for your ex-girlfriend to confirm the payout. You can then explain to them that she is now an ex-girlfriend and that you have no way to contact her. Worst case they give you 50% of the account.

Mylostaccount are actually pretty decent, I know someone who had the book for an old account from childhood and they'd changed their name in the intervening years. They didn't have any proof of previous name but had the same details (DOB etc) and the passbook - they still got the money out of the account after a few letters.

The account isn't actually lost, because the OP knows of its existence.

Maybe go into a branch and say you have no contact with the other party - I'm sure there's some procedures whereby they send out letters to the registered address and if no reply after x months release the money in some way.

Robert_Sterling_3

Can you trace your ex through friends reunited I think about 8 million are there. The website is now free to all.

Kilgore

Blah99 - I think I may do as you say and give it a go in a local branch. Hopefully they will try and trace my ex as you say and them release the money.

I've tried the Friends Reunited approach but no luck. She did have an unusual surname though and her family are from Essex so I may have found her Dad through Googling the surname. No harm in dropping him a line I suppose. Just don't want him thinking I'm some kind of stalker. :rotfl:

I will let you know the outcome.