Dust down your dormant accounts this Easter

Banks are making a determined effort to encourage customers to reactivate old accounts ahead of plans by the government to use money in accounts that have not had any transactions for 15 years for community purposes.

The British Bankers’ Association (BBA) says there can be many different reasons why an account can become dormant, but the most typical is to forget to tell the bank when you move home.

Money in dormant accounts can be claimed at any time. If you know the name of the bank then you can apply to have the account reactivated through any of the bank’s branches or call centre. Should you be unsure of the name of the bank where your account was held all is not lost as the BBA offers a free tracing service. Claims can be made through the BBA website bba.org.uk or alternatively claim forms can be obtained direct from the BBA. There’s also a customer helpline where you can talk with a member of the BBA staff about any questions you might have about the claim process – 020 7216 8909.

Angela Knight, chief executive of the BBA says: “However long it may have been since you last used your account, you can always reactivate it by contacting the bank where your account is held. If you don’t know the name of the bank – names have changed over the years – the BBA dormant account tracing service can carry out a search through the banks on your behalf absolutely free. If you have an old account that you haven’t used for several years why not take the opportunity over the Easter break to seek it out? It might not be a huge nest egg but it’s your money and you’re entitled to it. While you’ll always be able to claim your money, there’s no time like the present to have a spring clean of your finances.”