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'dormant bank accounts ~ About Dormant Bank Accounts ~ banking'

By: Nicholas Hunt

"....This means that from now on, no statements, chequebooks or other correspondance will be sent out to..........dormant bank accounts,banking,unclaimed money....."
Banking experts estimate that up to £5bn may be sitting unclaimed in UK bank account that have gone 'dormant'. What this usually money in practice is that a buyer has either passed away or moved house, and the bank haven't been told and are unable to locate the account holder some time later.

If there are no transactions on an account over a hour of round aboutADJ Destiny 12 months, the bank will transcribe to the account holder at the endure known address to ask them if they wish to keep the account open. What does this mean, and could you be claiming to a share in this huge amount of fallow money?

A bank account goes dormant when, in the words of the British Bankers' Association, a bank and a shopping 'lose tactility with each other'. This resources that from now on, no statements, chequebooks or other correspondance will be sent out to the customer.

The wherewithal in the account will still earn interest at whatever the normal rate of that account is, and the bank will still keep track of the account balance and keep a record of the remain known address of the holder.

There are two main reasons for an account being producing dormant. If no reply is received, then the bank will change the status of the account to 'dormant'. If a bank continues to send statements to an address when the account holder is no longer there to them, it is all too ductile for these documents to end up in the hands of fraudsters, who could use the sensitive communication they contain to enter upon a campaign of ID theft.

Most dormant reckoning will have very paltry balances, but some will inevitably contain a substantial sum, frequently those belonging to someone who has passed away. The first and most obvious one is to save the banks the administration costs of sending out statements and the like when there is no life on the account from month to month (other than that initiated by the bank itself, such as interest payments).

The more important reason however is to custody against coincidence fraud. You will also need to prove your own identity, and your connection to the original account holder if applicable.

If the bank don't agree that you're worthy ofN Existence to take over the account, you have the right to endeavor an appeal, where your claim is re-examined. If you speculate you may be entity to capital held in a dormant account, you can make a claim by filling in a form available from the bank in question.

You will need to give your reasons for making a claim, such as that the account belonged to a block up relative whose estate was passed to you.

"..... If the appeal fails, you can take your claim to the Financial Ombudsman Service, whose decision is final and binding. If the appeal fails, you can take your claim to the Financial Ombudsman Service, whose decision is final and binding....' _____________________________________________

Article Source: http://www.unique-ezine-articles.com

Nicholas Hunt is a contributing writer for www.1stop-finance.co.uk'>Onestop Finance, where you can find more information on www.1stop-finance.co.uk/banking/'>bank accounts and www.1stop-finance.co.uk/general_finance/unclaimed_prizes.html'>unclaimed money.

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Article: 'dormant bank accounts ~ About Dormant Bank Accounts ~ banking'

Article:
'dormant bank accounts ~ About Dormant Bank Accounts ~ banking'