Is your savings account no longer operative?
According to a recent investigation by the BBC’s Money Programme, almost £10bn lay untouched in UK dormant savings accounts.
There are estimates that about one in four people may be owed some money.
Only a few institutions have set up special task forces to try and locate the rightful owners. Many still refuse to give any information on the number of dormant accounts they hold and how much money they contain.
After complaints from customers, some banks have produced a leaflet telling people how to claim their forgotten money. But, ask your self, when was the last time you saw such a leaflet on the counter?
We were approached, a few days
ago, by one of our members trying to trace his savings account with that great
mutual society, The Co-operative Group.
Surely such an institution must have something about dormant accounts on their website? Unfortunately no mention of claiming dormant accounts appeared on their site.
After calling the free phone number we were told that one department handled unclaimed accounts for all the UK.
After passing on all the details we had, we finally received the help needed and were contacted later with the account information. For future claims enquiries regarding forgotten accounts we found Wendy.Schofield@co-op.co.uk very helpful.
With all the controversy regarding mutuality and benefits to members I can see no better way of increasing Public Relations than helping members trace their missing accounts.
Let me have your views. Leave your comments in our forum.