Thousands of consumers claim lost money
August 3, 2008
Following a campaign from the government thousands of people across the UK have claimed money that was left lying on dormant accounts for many years. Over the summer months it is estimated that over ten thousand people reclaimed their lost or forgotten money from dormant accounts. More and more people are expected to claim their money over the coming weeks, with many using the reclaim facility provided by the British Banking Association.
A BBA spokesman stated: ‘We had stories of Gordon Brown stealing money in the press and on TV, which led to a huge increase in volume. That could well repeat. There may be a collective targeting mentality as a result of the legislation and we’re in a state of readiness. As banks are more active on this, that will also generate more interest. What we’re trying to tell people is - it’s your money; there has never been a better time to claim it.’
Known as the Unclaimed Assets Bill this legislation that has been brought in by the government to encourage consumers to claim their money is also to be mentioned in the Queen’s Speech, and it is thought that this will also increase the number of claims that are coming in. A dormant account is one that has been left untouched for fifteen years or more, and the government plans to use any unclaimed money from these accounts to improve youth and community facilities.
Consumers are able to claim the money at any time, and can use the BBA reclaim facility or can contact the bank or building society in question directly to make their claim. Over the past year around two hundred thousand people have tried to claim back their money from dormant accounts according to recent reports.
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