Funds in a Dormant Account - can't trace it. 13 October 2022 at 5:25PM in Budgeting & bank accounts 10 replies 291 views

MarceeL

Hi - My 80 year old parents had banked with Barclays for over 50 years and used their joint account daily.  Their account got frozen as we believe it was because my Dad changed his address to overseas, as they moved before COVID.  By the time they realised that their account was being closed, they didn't have time to move their money out.  My Dad subsquently died and it was left to my mum to sort out.  Barclays said her money was still in the account but she would have to come to the UK to show ID, to have her money transferred.  So she came, and the bank told her the account was dormant. They completed a dormant account form before our eyes, but gave us no indication of when she would get her funds bank.  It's been almost 3 months and we have no idea how to trace her £12k, and the bank say it's no longer something they can assist with.  It's really distressing because my mum has a minimum state pension, and outstanding funeral costs.  I have no idea how to help her get her own money back.  Any ideas on what she can do now?  Who do we contact to find her money.

blue.peter

It's difficult to know exactly what's going on here - it seems that things are unclear to you, too. Barclays sounds as if it's being pretty unhelpful.

If the bank says that "it's no longer something they can assist with", the inplication is that they think that they have transferred the funds in accordance with your mother's instruction. That's the first thing that I'd question: is that, in fact,what they mean? I'd want to understand why they don't think that they can assist any more. And, if they have transferred the money, where have they transferred it to? If not, what have they done?

It sounds as if the bank is unlikely to talk to you as things stand, in which case your mother will have to visit again or, at least, write to them. Alternatively, she could give you a letter of authority to deal with the bank on her behalf. If the bank won't accept that (and I fear that they might not), a power of attorney might be needed. I'm not sure how that works if she's still abroad.

If Barclays do say that they've transferred the money, your mother will probably need to contact the receiving bank about it.

sheramber

Have you contacted the bereavement team at Barclays?

born_again

Does she have the sort code & Account number or statements. As moving just before covid So less than 3 years. Would be a strange event for then not to find a account on their system. 

Another option is
https://www.mylostaccount.org.uk/

blue.peter

sheramber said:

Have you contacted the bereavement team at Barclays?

Interesting thought. It can't do any harm, but I'm not sure that it'll do any good.

Firstly, the account in question appears to have been joint, in which case it'll presumably already have been transferred to the OP's mother's sole name. In this case, it'll no longer be anything to do with the bereavement team.

Secondly, the bereavement team will only deal with the executor/administrator of the OP's father's estate. I'm guessing that that'll be the OP's mother.

phillw

blue.peter said:
If the bank says that "it's no longer something they can assist with", the inplication is that they think that they have transferred the funds in accordance with your mother's instruction.

Either that or they have asked for proof of something and it has not been given.
Or it could be a mistake on their part.

blue.peter

phillw said:

Either that or they have asked for proof of something and it has not been given.
Or it could be a mistake on their part.

These are certainly possibilities. I expect that there are others. Asking why the bank can't (won't?) help any further should establish the root of the problem.

Zanderman

Surely, when the form was filled, in your presence, to administer the dormant account, a destination (i.e. an account) was identified (and agreed, I assume) for the money to be transferred to.  And Barclays, if they say they've done all they can, have presumably now transferred it. What account was it going to? 

sheramber

blue.peter said:

sheramber said:

Have you contacted the bereavement team at Barclays?

Interesting thought. It can't do any harm, but I'm not sure that it'll do any good.

Firstly, the account in question appears to have been joint, in which case it'll presumably already have been transferred to the OP's mother's sole name. In this case, it'll no longer be anything to do with the bereavement team.

Secondly, the bereavement team will only deal with the executor/administrator of the OP's father's estate. I'm guessing that that'll be the OP's mother.heThe mother can give authority for teh bank to speak to the OP.

The mother can give the bak authority to speak to the OP.

When my husband died my sons dealt with the banks. I never spoke to them.

The bereavement team should be able to check what had happened to the account.
It is worth trying as the worst they can do is say they can't help but  may be able to direct the OP to someone who could help.

flo22

As Zanderman has stated the form completed in your presence would have needed a payout method, you would have been asked for account details for the funds to be transferred to once the investigation was complete.

The dormant account process can take up to 12 weeks and after investigation a letter will be sent if any further information was required so presumably you also provided an address for the Dormancy Team to contact your mother?

Are you absolutely sure it was closed for Dormancy?  It sounds more like it was closed due to address being European Economic Area (EEA) which is a different claim process.

MarceeL

Thanks - @flo22 @Zanderman, the bank did complete the dormant account form asking us where the money should be transferred to.  My  concern is that there has been no communication since, or any reference documentation, or follow-up letter as yet.  It's been 2 months so far, so I guess from what you are saying, we have to wait another month before the 3 months is up. 

I'm annoyed because all the overseas calls back and forth to the bank when my mum wasn't in the country and the account had been closed, they assured me that the money was there and would be transferred without issue when she came back to the UK with her ID.  However that wasn't the case.  The first we heard of dormancy was when we were sat in front of them.  I feel that perhaps the person who we dealt with at the time, maybe didn't follow the right process and raised a dormancy form instead of something else.

I'm less concerned why it was closed in the first case, because I am almost certain it was due to the change of address. But that is by the by now.  She just needs her funds returned.  It's so frustrating.