Unclaimed money supposedly...

MoodyBlues

I was watching the BBC breakfast show this morning and they mentioned something about millions of pounds lying in bank accounts for anything from 3 to 15 years. Supposedly the money can then be transferred to the lottery fund or something like that. I wasn't really paying much attention as I was getting ready for work. Figured I would be able to catch the news about it later but haven't found anything! Did anyone see it and know the details?

cottager

Didn't see it, but I know there are millions lying around in old accounts, and yes, after 15 yrs it can now be redistributed under the Dormant Bank and Building Society Accounts Act 2008:
http://www.guardian.co.uk/money/2009/apr/26/dormant-money-reclaiming-abandoned-bank-accounts
http://www.unclaimedfinances.co.uk/facts-dormant-bank-accounts-government-act.html

But this doesn't mean it's 'gone forever'.
One means of reuniting people with lost accounts is:
http://www.mylostaccount.org.uk/
Unfortunately I don't think we've lost any... would be lovely to suddenly remember we used to have stash of cash somewhere we'd forgotten about!

MoodyBlues

Thanks for the info. I don't expect I have any accounts - I closed my old saving account back in the late 90s. I was thinking my parents might have some .