HSBC reunites thousands with millions in lost cash campaign

HSBC has reunited 3500 customers with more than £5.5 million since launching a national campaign to bring customers back together with forgotten savings and current accounts.

Launched in September 2008, HSBC's campaign has initially focused on 40,000 accounts with more than £38.8 million that has lain untouched for more than 15 years. The average amount in these accounts is £1,000. Since then, HSBC has reunited 3500 with more than £5.5 million.

Steve Eustice, HSBC's dormant account manager, said the greatest difficulty was tracking down customers who had changed address without telling their bank.

"Of the 40,000 accounts dormant for 15 years, about 6000 are held by customers who have gone away and from which we have received returned mail. We can't write to these addresses because the letters contain private financial details, so we are using a combination of advertising and publicity to raise awareness, as well as an active tracing programme.

"Money lies in dormant accounts for all sorts of reasons. Smaller amounts are often just forgotten, while larger amounts are often just being left to sit there only to be used in case of emergencies.

"As we have said, we are obviously happy to hold onto customers' money for as long as they like, but after 15 years it is a safe bet that most people's circumstances will have changed and there may be better uses for those funds."

HSBC's campaign is supporting a government programme to reunite people with their lost or forgotten cash. Under government regulations coming into effect this year, money in accounts that have not been used for 15 years will be transferred to a government fund and used to finance a range of public/social programmes. The money will however always remain the property of the customers who, should they get back in touch with their bank, will be able to reclaim it at any time.