Friday, August 26, 2011

Dormant bank accounts

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Experts estimate that up to € 5000000000 Bank nclaimed u can sit in bank accounts in the United Kingdom who have gone "dormant" to have. What does this mean and could have a role in this great amount of value id LE price?

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A bank account goes dormant when, in the words of the 'Association, a bank and a customer' British Bankers lose contact with each other. "What this usually means in practice that a customer or has died or moved, and the bank are notsaid, not the account owner to find some time later.

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If you do not accept transactions in an account for a period of 12 months, account holders, last known address of the bank to write to ask them to keep it open whether the account. If no response is received, then the bank account status will change to "dormant". This means that from now on, all the statements, check books or other correspondence will be sent to the customer.

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T ney Monalso earn interest on the account, what is the normal rate account and the bank will continue to keep an eye on your balance and a record of the owner's last known address.

There are two main reasons for having an account made inactive. The first and most obvious, to save the banks to manage the cost of sending statements and others when you start any activity on the account every month (except for the bank itself,such as interest payments).

The most important reason, however, to protect against identity theft. When a bank to continue to send statements to an address where the account holder is no longer there to greet him, it's too easy for these documents end up in the hands of fraudsters, the sensitive data they contain, one could start with theft identity campaign.

Most dormant accounts have very small scales, but some will inevitably contain a large amount, oftenMembers of someone who died. May be eligible if you think shooting, press O. Ney in a silent witness, you can apply by filling out a form provided by the bank in question.

It is necessary to explain the reasons for a claim, such as the account is a close relative whose estate has been sent belonged. You also have to prove their identity and connection to the original account holder, if applicable.

If the bank does not agreeYou have the right to take the account, you have the right to an appeal in which to pursue your claim is reviewed. If the call is not, you can take your complaint to the Financial Ombudsman Service, whose decision is final and binding.

Dormant bank accounts

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