Dormant Account

Nelix

Hi all

I'm looking for some thoughts/advice on a dormant account.

I recently ran a search for dormant accounts using https://www.mylostaccount.org.uk. I have received notification the Barclays have found a dormant account that is open and ready for me to use, my question is as follows:

The account dates back many years (about 20 years ago). If I remember correctly I stopped using the bank account after losing my job, however, I also seem to remember that there was an overdraft on the account which I don't think ever got repaid. Would the bank be able to chase me for the money after this length of time of would the debt be statute barred under the 6 year rule?

Kind Regards

FestiveJoy

Nelix wrote: »

Hi all

I'm looking for some thoughts/advice on a dormant account.

I recently ran a search for dormant accounts using www.mylostaccount.org.uk. I have received notification the Barclays have found a dormant account that is open and ready for me to use, my question is as follows:

The account dates back many years (about 20 years ago). If I remember correctly I stopped using the bank account after losing my job, however, I also seem to remember that there was an overdraft on the account which I don't think ever got repaid. Would the bank be able to chase me for the money after this length of time of would the debt be statute barred under the 6 year rule?

Kind Regards

I think you probably remember incorrectly.
Either that or the account is not dormant.

Dormant accounts are accounts that are closed because they have been inactive for a long period of time, and often because the account holder cannot be traced (or is not responding)

The purpose the account is closed is so as to enable money in dormant accounts (ie balances in accounts that have been inactive or dormant for 15 years or more) to be distributed for the benefit of the community while protecting the rights of customers to reclaim their money.

What do you think they've done with your account?
Collected the money from the community to pay off your overdraft??? :rotfl:

Gave me a chuckle, anyway, during this festive season. Enjoy it whilst it lasts.

:xmastree::xmastree::xmastree:


If you want to spend the rest of the festive season genning up on the Limitations Act 1980, you can get a copy for free here:
https://www.legislation.gov.uk/ukpga/1980/58

PeacefulWaters

FestiveJoy wrote: »

I think you probably remember incorrectly.
Either that or the account is not dormant.

Dormant accounts are accounts that are closed because they have been inactive for a long period of time, and often because the account holder cannot be traced (or is not responding)

The purpose the account is closed is so as to enable money in dormant accounts (ie balances in accounts that have been inactive or dormant for 15 years or more) to be distributed for the benefit of the community while protecting the rights of customers to reclaim their money.

What do you think they've done with your account?
Collected the money from the community to pay off your overdraft??? :rotfl:

Gave me a chuckle, anyway, during this festive season. Enjoy it whilst it lasts.

:xmastree::xmastree::xmastree:


If you want to spend the rest of the festive season genning up on the Limitations Act 1980, you can get a copy for free here:
https://www.legislation.gov.uk/ukpga/1980/58

You've provided an accurate definition of the "government grab" dormant account rules at fifteen years.

But banks have their own criteria for marking accounts dormant which doesn't involve closing them. Usually freezing them if post is returned and demanding excessive ID to get the account active again.

Nelix

The Dormant account has obviously not been closed as they say it's open and ready for me to use. No mention of the overdraft, however, I have not contacted them yet.

I'm still no closer to knowing if the 6 year Statute barr rule would apply!

EarthBoy

Nelix wrote: »

The Dormant account has obviously not been closed as they say it's open and ready for me to use. No mention of the overdraft, however, I have not contacted them yet.

I'm still no closer to knowing if the 6 year Statute barr rule would apply!

The six year statute bar rules only means that they can't take legal action to recover the money. It doesn't force them to write it off and forget about it, so you might find they still ask you to repay it now that you've surfaced and they presumably know your address.

Personally, I wouldn't take the risk, so I suggest you don't contact them just in case. Use a different bank instead.

mgdavid

Nelix wrote: »

Hi all

I'm looking for some thoughts/advice on a dormant account.

I recently ran a search for dormant accounts using www.mylostaccount.org.uk. I have received notification the Barclays have found a dormant account that is open and ready for me to use, my question is as follows:

The account dates back many years (about 20 years ago). If I remember correctly I stopped using the bank account after losing my job, however, I also seem to remember that there was an overdraft on the account which I don't think ever got repaid. Would the bank be able to chase me for the money after this length of time of would the debt be statute barred under the 6 year rule?

Kind Regards

If it's open and ready for you to use (your words) then register for online banking and look at the balance. Then you will know whether it's in credit or OD.

FestiveJoy

Nelix wrote: »

The Dormant account has obviously not been closed as they say it's open and ready for me to use. No mention of the overdraft, however,...

Like I said, sounds like you were probably mistaken.

Why not just start using it again and enjoy the sales this festive season?

:xmastree::xmastree::xmastree:

ETA:
No mention of any overdraft now???
Banks are like that, ain't they? One month it's there, the next month thay've taken it away
Perhaps you could ask for a new one to make the most of the great bargains this time of year?

Uxb

FestiveJoy wrote: »

Dormant accounts are accounts that are closed because they have been inactive for a long period of time, and often because the account holder cannot be traced (or is not responding)

Not the one I had made dormant by a building society with around £10 in it.
It was still open just that I was blocked from accessing it.
I cannot remember whether it was removed from my online list of accounts or not
They said this was due to long period of non use - which was indeed correct.
To gain access to it I needed to supply as paper copy the usual certified passport copy plus two originals orf address ID from their list.
That done the account was made available to me to use again.

Their precise wording was that the account was "set to dormant status because no activity had occured for x years or more"
Following my ID being accepted they then stated that "the account had been re-instated".

FestiveJoy

Uxb wrote: »

Not the one I had made dormant by a building society with around £10 in it.
It was still open just that I was blocked from accessing it.
I cannot remember whether it was removed from my online list of accounts or not
They said this was due to long period of non use - which was indeed correct.
To gain access to it I needed to supply as paper copy the usual certified passport copy plus two originals orf address ID from their list.
That done the account was made available to me to use again.

Their precise wording was that the account was "set to dormant status because no activity had occured for x years or more"
Following my ID being accepted they then stated that "the account had been re-instated".

I am so glad to hear that your building society is continuing to allow you to use an account that was not used for a long period of time.

However this is Barclays Bank we are talking about here, not your local friendly building society.

Barclays are renowned for closing accounts that are not frequently used, providing there is credit in them. They do write to you first, and tell you to either use it or lose it (my words). No ID, other than what you may otherwsie need to use to access your account, is required.
If you try to withdraw the funds and take them up on the clsoing of the account, then that's fun & games, not again not really appropriate to go into here.

Once the account is closed, it cannot be re-opened. Barclays will not close accounts that are overdrawn.

Which makes this thread all the more intersting, don't you think?

Why anyone would want to give their custom to this former apartheid supporting organisation is beyond me anyway. It may have been 30 years ago they were eventually forced to their senses, but the damage to their reputation had then been done.

But as I said, I am so glad for you that your local friendly building society does not act in the draconion manner Barclays Bank invariably do.
Proof that there is still some goodwill around especially at this festive time of year.

:xmastree::xmastree::xmastree:

colsten

What's so special about this account you haven't used in 20 years? There are literally dozens of current accounts, many with nice benefits such as interest and/or cashback, that anyone can apply for. What benefits/advantages etc are you expecting from using this old account?

Nelix

colsten wrote: »

What's so special about this account you haven't used in 20 years? There are literally dozens of current accounts, many with nice benefits such as interest and/or cashback, that anyone can apply for. What benefits/advantages etc are you expecting from using this old account?

There is nothing special regarding this old account, however, I had hoped to be able to obtain bank statements to help identify possible PPI payments in order to claim them back.