Following a pro-active campaign to reunite customers with money in lost or forgotten accounts,
HSBC says around 7,400 of its customers have so far been reunited with a total of over £10.4 million (average balance of £1,400) from accounts they either had no knowledge of, or from accounts which had been left untouched for over 15 years.
HSBC has undertaken a range of initiatives to try to reunite customers with their money in so-called “dormant accounts” - including writing to customers, a national advertising/publicity campaign, setting up an unclaimed balances website as well as employing tracing agents to try to re-establish contact with our customers.
The region with the most funds still left in dormant accounts is Central London with around £7 million still outstanding, says HSBC.
The next highest concentration of dormant accounts is in Greater London with over £4 million outstanding. The fewest balances in dormant accounts are in Scotland (£200,000).
Account balances that cannot be traced are expected to be transferred over to the Government's dormant accounts scheme. No date has been set for the launch of the government scheme, but three months prior to the start date HSBC says it will send a final letter to dormant account customers to alert them to the impending deadline.
"We are delighted that we have been able to reunite so many of our customers with their money,” said Brendan Cook, HSBC retail products executive manager.
“Whether the account has a balance of £5 or £5,000, it is important that we continue to try to trace these customers so that we can make them aware of what is rightfully theirs.”
Although the dormant account funds are to be transferred to the Government, the money will always remain the property of the customer and can be reclaimed at any stage.
Top Tips for locating your funds
If you do not know the details of the account you think you may have with HSBC, please visit:
www.mylostaccount.org.uk
- Any of the following information will be of help where possible:
- Old statements or passbooks
- Location of the branch where the account was opened
- Your previous addresses
- When you think the account was last used
- The sum of money you think is in the account
If you are claiming the account on behalf of someone else or believe you are entitled to another account, you will need to provide proof of entitlement such as a will or power of attorney.
If you know the full details of your dormant account including the sort code and account number, please visit:
www.hsbc.co.uk/unclaimedbalances to find out more about accessing your account.
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