Lloyds Updates on Dormant Accounts

by Peter Wakeford
Posted by Hannah on 27 January 2009
Lloyds Updates on Dormant Accounts

Efforts continue among banks to reunite customers with money left in accounts and then forgotten about for many years.

Lloyds Banking Group released data on its ongoing dormant accounts scheme this morning.

The firm said that £23 million has been returned to customers who deposited money with them and then left it untouched for 15 years or more - the industry definition of a "dormant account".

Lloyds added that there was still £93 million in the accounts that had yet to be reunited with customers, however.

The update follows the passing into law of the Dormant Bank and Building Society Accounts Act last November. Under the terms of the legislation, banks are obliged to funnel unclaimed money into a new central government fund, which is then used to pay for community projects.

Lloyds Banking Group, formed earlier this month when the merger of HBOS and Lloyds TSB was completed, is the UK's single largest mortgage lender and one of its biggest banks in terms of market capitalisation.

Peter Jackson, managing director of consumer banking at Lloyds Banking Group, said: "In challenging times reuniting customers with dormant funds could prove a welcome boost to many.

"We will be undertaking several sets of proactive activities designed to make customers aware that this money is available for them to claim."

Government-owned savings organisation NS&I also updated on another dormant accounts programme today. The firm said that banks' free lost account tracing website for all bank customers, mylostaccount, has received around 250,000 trace requests over its first year online.

Get our free money saving newsletter
Join over 480,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...
 
1

Your Comments

Donald Winn
on 5 Mar 2009 16:12
I left some money in the Hibernia Bank in New Orleans at the Gentilly Branch a long time ago. How can I get this money plus interest back