Mylostaccount celebrates five years of reuniting customers with £645m cash
An estimated 315,000 people have been reunited with forgotten funds worth up to £645 million through the free account tracing service mylostaccount since its launch five years ago.
Since its launch in 2008 more than two million people have visited the website www.mylostaccount.org.uk, which helps customers of the UK’s banks, building societies and National Savings and Investments (NS&I) track down their dormant accounts.
Customers use the service by either logging their information using an online form or by contacting the British Bankers’ Association, the Building Societies Association and NS&I, who operate the scheme. In all, some 580,000 search applications have been made since launch. Forms are also available in bank and building society branches.
The website www.mylostaccount.org.uk was launched five years ago to provide customers with a free, easy-to-use service to help customers trace accounts they have lost touch with. It was followed by the Dormant Bank and Building Society Accounts Act, which enabled funds left unclaimed in dormant accounts for more than 15 years to be used on social investment and other community causes while at the same time protecting customers’ rights to reclaim their account money at any time.
In the past five years, NS&I has reunited customers with more than £445 million through its tracing service and mylostaccount. The British Bankers' Association and Building Societies Association both had pre-existing schemes but nevertheless have dealt with 400,000 applications between them, reuniting an estimated £200 million.
BBA chief executive Anthony Browne said:
"We're delighted that mylostaccount has helped hundreds of thousands of customers reclaim lost savings. For each of them, it means an end to a sometimes long search for funds they knew they had but couldn't find. It’s a free, easy to use service and can be used by going on-line or by walking into a local branch. It takes the hassle out of finding lost savings and I'd encourage anyone who thinks they might have an account but can't find it to contact mylostaccount right away."
BSA Head of Savings Brian Morris said:
“We are delighted with the continuing success of mylostaccount and remain committed to helping people get back in touch with their money. During these tough economic times every penny counts and as such, we fully understand the importance of the scheme and will do all we can to ensure as many people as possible become aware of this free and easy to use service.”
NS&I’s Retail Customer Director, John Prout said:
“Even small amounts of money can help with the costs of day-to-day living, so it’s important people keep a track of their savings. NS&I to date, has reunited customers with more than £498 million through its tracing service and the website, mylostaccount.”
Notes to Editors
1. mylostaccount.org.uk http://www.mylostaccount.org.uk/ is a 'one-stop shop' website that helps account holders search for lost bank, building society and NS&I accounts.
2. mylostaccount.org.uk http://www.mylostaccount.org.uk covers:
35 banks that take retail deposits in the UK
46 UK building societies
All NS&I products.
3. The wave of bank and building society mergers over the years has often made it more difficult for customers to locate old accounts. mylostaccount incorporates a tool enabling people to type in the name of the institution originally holding the account in order to discover who currently holds the account.
4. The NS&I figure of £445m relates to the amount reunited with their customers since the MyLostAccount scheme was launched. An additional £53m was reunited through the NS&I tracing scheme prior to the launch of mylostaccount.
5. More information on the mylostaccount scheme is available from: http://www.mylostaccount.org.uk.