How long do bank accounts stay open?

ttoli

Shortly before going on My travels (2004)I deposited £ 1 k with the Nationwide, the card supplied has since expired and I havent supplied them with my (now overseas) change of address.
I can fully appreciate that they wont take my word over the phone or by email, but they say that I can only get a new card by visiting a branch and providing proof of ID, I have no intention of returning to the UK any time soon, will this account stay open or will I lose the money?

Thanks

pcombo

Banks dont normaly close accounts if you have a positive balance, But if they did to close it they would send a cheque to the registered address.

ChiefGrasscutter

After a period of no activity they mark the account as dormant.
They will send you a letter informing you that they are intending to do this - unless you start to use account by set date.
Once the account is dormant then "usually" all transactions are stopped/blocked on the account.
You would then need to satisfy the savings group ID's requirements afresh to re-activate the account.(ie as if you were a new account holder)
No idea if existing internet access is also stopped or not.

The money simply remains there in the account for you to claim at some point in the future provided you have (at that point in the future) sufficient evidence that you were and still are the rightful owner of the account.....so keep the evidence/paperwork account Numbers/balances/at least one statement etc.

agrinnall

There is information about dormant accounts here http://www.hmrc.gov.uk/news/dormant-acc-sch-faqs.pdf and about Nationwide ones in particular here http://www.nationwide.co.uk/savings/lost_accounts/lost_accounts.htm

There has been some discussion about money in dormant accounts being forefeited, such as this http://www.guardian.co.uk/money/2010/jan/25/dormant-account-use-or-lose but I've no idea what the current status of that is.

Lith

A bank account will stay open 'forever' well... till the day you die? ..... anyway they will close it, if it's 0 balance for a LONG TIME


I've had a barclays account since my teens and always had the same balance 5 pound in it (they have never sent a letter or called me at all) and the account is still 'active' open etc... they will mostly close the account in case of fraud or they don't want to offer you there services. (but its a rare case)

olly300

Lith wrote: »

A bank account will stay open 'forever' well... till the day you die? ..... anyway they will close it, if it's 0 balance for a LONG TIME


I've had a barclays account since my teens and always had the same balance 5 pound in it (they have never sent a letter or called me at all) and the account is still 'active' open etc... they will mostly close the account in case of fraud or they don't want to offer you there services. (but its a rare case)

Your account would have been marked dormant if you have no other banking activities with the bank.

I was watching a program recently where a couple put money into Abbey in the 1980s. When they went to get the money out last year Abbey who were now Santander couldn't find their account even though they had the passbooks and ID to prove who they were. They told the couple there was nothing they could do and they must of taken the money out. Eventually after bad publicity Santander paid up.

So in short if your bank/building society is changing and you have a significant amount in accounts then chase them before they change their systems.

Otherwise use this to claim your money: http://www.mylostaccount.org.uk/

Lith

olly300 wrote: »

Your account would have been marked dormant if you have no other banking activities with the bank.

I was watching a program recently where a couple put money into Abbey in the 1980s. When they went to get the money out last year Abbey who were now Santander couldn't find their account even though they had the passbooks and ID to prove who they were. They told the couple there was nothing they could do and they must of taken the money out. Eventually after bad publicity Santander paid up.

So in short if your bank/building society is changing and you have a significant amount in accounts then chase them before they change their systems.

Otherwise use this to claim your money: http://www.mylostaccount.org.uk/

Well i 'doubt' barclays will change to satan... oops i mean Santander :rotfl:


But i see your point tho.