Banks not making statements available in the post

moneymonitor

I am amazed there has been no regulatory action to stop banks from restricting the availability of statements to internet access only or by email.  This particularly applies to internet operated accounts.
There are many, elderly or non-computer literate people who must have passed away without any relative, (wife, husband, partner etc) being aware that an account had been held by the deceased person.  If the banks were obliged to send statements in the post say at least every six months, then the chances are that such accounts will be picked up by family or friends.
The banks must be making substantial millions for all these unclaimed funds or am I missing something?

 

eskbanker

moneymonitor said:

The banks must be making substantial millions for all these unclaimed funds or am I missing something?

You're missing the fact that such unclaimed money is instead typically used for good causes by an independent body set up to manage them, without compromising ownership rights, as a result of the Dormant Bank and Building Society Accounts Act 2008.

https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free/ explains how to go about tracing lost accounts in the scenario you describe, via the https://www.mylostaccount.org.uk/ service.

Edit:

moneymonitor said:

I am amazed there has been no regulatory action to stop banks from restricting the availability of statements to internet access only or by email.  This particularly applies to internet operated accounts.

Like many industries previously making significant use of dead trees, banking is moving away from paper rather than towards it, so the regulator specifically allows statements to be issued on paper or another durable medium (such as electronically), the relevant definitions being published at:
https://www.handbook.fca.org.uk/handbook/BCOBS/4/2.html
https://www.handbook.fca.org.uk/handbook/glossary/G1286.html

coyrls

moneymonitor said:

The banks must be making substantial millions for all these unclaimed funds or am I missing something?

Yes, how do you think that they are making substantial millions?

whitesmith

Which particular bank were you referring to that does not allow postal statements

Thrugelmir

moneymonitor said:

There are many, elderly or non-computer literate people who must have passed away without any relative, (wife, husband, partner etc) being aware that an account had been held by the deceased person.  

 

Then people should list the bank accounts they hold, together with any other pertinent information and lodge it in a suitably secure place. Time consuming exercise for an executor to piece together someone's affairs once they are deceased. 

moneymonitor

eskbanker

I am not missing the good causes aspect or that there is an independent body set up to manage the unclaimed money.

If family or relatives who could be struggling financially (or not) have no clue about these funds then it doesn’t impress me that the banks/building societies can eventually distribute the money to good causes or, that those entitled ‘might’ discover the existence of their entitlements.

Those entitled should be able to get access and banks/BS sending out 2 or even 1 statement per year will give them a better chance. The odd statement in the post should have a significantly positive effect in discovery. If giving to charity it should be the choice of those entitled to the funds.

Your quotation of legislation and official handbooks does not support those who should be entitled and you can bet your life had a strong hand in creating the present regulations.

Your suggestion about ‘my lost account’ facility only refers the the account of the person searching ie. my lost account. It cannot see that it provides for searching for another persons account whether deceased or not. This would presumably cause breach of confidence issues.

There is provision for executors searching for existence of deceased accounts but look at the limitations below especially the last sentence:

There are instances where the executors of wills have reason to believe that there are accounts missing from the personal financial records available to them. In these circumstances we recommend a search of the five largest banks (HSBC, Barclays, Lloyds, Royal Bank of Scotland and Santander), the use of the geographical facility for building societies and a search of NS&I. This service only traces lost accounts (generally untouched for 15 years) and so cannot be used to trace active accounts.

I will not go further but feel I have made my point. Maybe an MP can take this matter up.

moneymonitor

whitesmith
There are many.  I am not going to name them as if I get one wrong (unlikely) they might sue me.

colsten

moneymonitor said:

whitesmith
There are many.  I am not going to name them as if I get one wrong (unlikely) they might sue me.

No bank is likely to sue you for saying they don't do postal statements. Go on, name them. If you expect anyone to do anything about it, you need to equip them with factual information.

LHW99

IMO its not the banks wanting to cut the use of paper that is the issue, but other companies (eg mortgage lenders) wanting paper copies of everything and not wanting electronic printouts (not all of them though I hasten to add)

doe808

moneymonitor said:

whitesmith
There are many.  I am not going to name them as if I get one wrong (unlikely) they might sue me.

Nonsense. Name them, or this negates any argument you may have imo.

eskbanker

moneymonitor said:

I will not go further but feel I have made my point. Maybe an MP can take this matter up.

You might wish to join or support https://www.keepmeposted.org.uk/, a pressure group for like-minded folk, who, incidentally, claim this site among their supporters.