A long while ago I blogged about the plan for the Government to seize money which has been left in dormant accounts.
Under the “Dormant Accounts bill”, the money will be used for community projects. It is thought there could be up to £400million left untouched in abandonned or forgotten bank and building society accounts.
In future the proceeds of bank and building society accounts where there has been no “customer-initiated” activity for 15 years will be reinvested by the government in a variety of community projects.
But if you’re worried you might have a stash tucked away which has been untouched for 15 years, then there are a couple of websites which may help you keep hold of the cash:
- British Bankers Association
- Building Societies Association
- National Savings and Investments
- HM Treasury
It is hoped that by next year there will be a single website for recovering such money, and the Dormant Account bill is likely to start in 2009, so you’ve got a bit of time before really having to worry about that forgotten money