Lost Bank Account

cavyslave

Hi,

Last year my Brother-in-Law who is 89 years old was going through some old papers when he came across a statement of interest from The Woolwich Building Society which showed a balance on his account for almost £7000. This item was dated 1985 and he was adamant that he hadn't spent the money or closed the account, despite him not realising the money was 'missing' for almost 25 years! He asked me to contact the bank (now Barclays of course) on his behalf because he has had a stroke and is very hard of hearing.

I contacted the bank and despite numerous searches they were unable to locate the account, or indeed any proof that he had ever held an account with them. He was not satisfied with this and instructed me to contact the Financial Ombudsman to investigate, which I duly did, and again the outcome was that no trace of the account could be found.

The FO was satisfied that the bank had tried everything it could to locate the account and that there was nothing more that could be done and grudgingly my Brother-in-Law conceded defeat.

That was until he read The Daily Mail this week which has been investigating lost bank accounts and the hundreds and thousands of pounds that have gone missing, never to be found again. It urged it's readers to try again, even if they had no luck the first time as some banks have now 'located' the lost accounts.This has started him off once more about his lost account and he wants me to have it re-investigated.:mad:

Is it possible, once the FO has looked into it and declared the case closed, for it to be re-opened all over again and another investigation initiated?

My honest opinion is that he has, at some point in the last 25 years, either transferred the money to another account, or spent it. He says no, and what's more the bank should have to prove that the account was closed and the money withdrawn. He says it is not down to him to prove he didn't take the money out!

Please help as I am at my wits end with all this and it is starting to cause arguments between us!!!

Consumerist

According to an <FOS consumer factsheet> :-

If the ombudsman’s final decision finds in favour of the consumer – and the consumer accepts the decision before the deadline we gave them – the decision becomes legally binding. This applies to both the business that the consumer has complained about and the consumer themselves.
But if the ombudsman’s final decision does not find in favour of the consumer, the consumer is not required to accept it and it does not become binding. The consumer is free to go to court instead (depending on any court requirements or restrictions – for example, on time limits).

So, much depends on whether your brother-in-law accepted the original decision and, if not, whether he is prepared to take it to court.

cavyslave

Hi. Thank you for your answer. Yes, he did accept the original decision but now he wants it looked into again in the light of recent revelations in the newspaper.

Consumerist

It would seem, from the extract above, that having accepted the Ombudsman's original decision, it is binding on both sides.

There is a <campaign site> which is complaining about bad decisions from the Ombudsman and which you might want to have a look at - but I have no idea about its aims.

cavyslave

Thank you. I was hoping you would say that. I don't think I can go through it all again!

dalesrider

cavyslave wrote: »

Hi,

a statement of interest from The Woolwich Building Society which showed a balance on his account for almost £7000. This item was dated 1985 and he was adamant that he hadn't spent the money or closed the account, despite him not realising the money was 'missing' for almost 25 years!

Unclaimed assets scheme

Under a government scheme to be introduced in 2009, money that has sat untouched in bank and building society accounts for at least 15 years will be taken into a central account. The money will then be distributed alongside lottery fund money.

I know you have gone direct to Barclays. But have you tried This site

cavyslave

Yes, thank you Dalesrider. That is where I made his original application which was then referred on the the Ombudsman when they couldn't find his account.

So do you think it possible that the money could have gone into the Unclaimed Assets Scheme? I don't suppose there's any way of checking this is there?

dalesrider

If it had gone to the unclaimed assests. It would still show at the bank end.
Given that you will have had full account and other details. I think as you said in OP. B-I-L has closed acc and moved the money elsewhere.
Nice job trying ot back through his accounts to see if he has. As getting copy statments from that far back might not be possible.