UK Money News
30th January 2008
New website helps locate cash in dormant accounts
A new website has been launched to help UK consumers reclaim cash held in dormant accounts.
The site mylostaccount.org.uk contains the details of 42 banks, 59 building societies and all National Savings and Investment products, in which a total of £1 billion is estimated to be stored.
Previously, money in dormant bank accounts was traced by three separate schemes, but is hoped that the introduction of a single, streamlined resource will make the process of tracking down your money easier than ever before.
Angela Knight, chief executive of the British Bankers Association, told BBC Online: "Mylostaccount.org.uk will enable account holders to initiate a search for their lost bank, building society and NS&I accounts at the click of a button.
"It is a key part of the industry's commitment to make further steps towards reunifying customers with their money in advance of the statute-backed unclaimed assets scheme."
Last year the government confirmed it was looking to take control of the money stored in dormant accounts and redirect it to community projects.
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