UK Money News
29th November 2007
Online banking 'can make people forget accounts'
The rise of online banking and a reduction in direct contact with financial service providers is to some extent responsible for the rise in lost assets, it is claimed.
According to the Unclaimed Assets Register, the "break in the immediacy" of personal finance matters means that many consumers may have forgotten about bank accounts with smalls sums of money in them.
Paula Brine, spokesperson for the register, adds: "Increasingly we're doing transactions online… We used to keep our paperwork safely in a shoebox in the airing cupboard; nowadays it's on a computer and if anything goes wrong with that computer, those records get destroyed."
She states that while there used to be a strong high street presence and consumers had an identification with the company providing help with money, today the relationship is largely conducted over the phone or on the internet.
The money news follows data from the British Bankers' Association that reveals the number of people clicking through to its dormant account search page has hit nearly a quarter of a million.
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