Old bank account
June 21, 2004 7:33 AM Subscribe
A question below made me realize that I abandoned a bank account in the UK in 1995. It was with Barclay's, and had 52p in it when I left the country. Does it still exist, or do British banking laws allow Barclays to just take my hard-earned pence after a period of inactivity? It was a savings account that returned standard interest for the time and was opened at a local branch in Llandrindod Wells, Wales. The only evidence I have that it is exists is a bank card buried under books in my folks' basement.
Or perhaps my account will grow and when I'm about 80, I will own my ancestral homeland? Or will Barclay's sue my estate for £300,00 in unpaid maintenance fees? I don't remember any fees being associated with it, but that might have been just for the first year.
Or perhaps my account will grow and when I'm about 80, I will own my ancestral homeland? Or will Barclay's sue my estate for £300,00 in unpaid maintenance fees? I don't remember any fees being associated with it, but that might have been just for the first year.
I found this link to unclaimedassets.com
But I remember recently hearing on the radio that the law had changed and the banks were being forced to donate the abandoned cash to charities. This applied to banks only I think, not building societies.
I just did a quick calculation, assuming they're paying you 5% interest (higly unlikely) then in 60 yrs your 52p will have turned into around a tenner.
posted by selton at 8:49 AM on June 21, 2004
But I remember recently hearing on the radio that the law had changed and the banks were being forced to donate the abandoned cash to charities. This applied to banks only I think, not building societies.
I just did a quick calculation, assuming they're paying you 5% interest (higly unlikely) then in 60 yrs your 52p will have turned into around a tenner.
posted by selton at 8:49 AM on June 21, 2004
I used to have a CD with my bank; when I closed it out, they assured me they'd taken care of all associated fees, interest, &c, and yet the next month I got a statement showing it had 28 cents in it. I took it in and showed a bank officer, suggesting they close it out and just give me a quarter (I didn't need three pennies); he got all snooty and implied it was somehow my fault that the account hadn't been closed properly, so I said "Fine, keep it there, see if I care." Every three months for the last decade or so I've gotten a statement showing my 28 cents, and it cheers me up immensely to think about all the money they've wasted in maintenance and postage. And when they charge me ridiculous amounts of money for some stupid thing, I think of my 28 cents and feel I'm getting at least a small measure of continuing revenge.
I know this doesn't answer your question, but I had to share the story. Forgive me.
posted by languagehat at 8:53 AM on June 21, 2004
I know this doesn't answer your question, but I had to share the story. Forgive me.
posted by languagehat at 8:53 AM on June 21, 2004
But what a good story it is! I think we can all find it encouraging in this dismal age.
posted by Ethereal Bligh at 11:02 AM on June 21, 2004
posted by Ethereal Bligh at 11:02 AM on June 21, 2004
As far as I know, it should still exist. You would probably need to take the book into a Barclays branch (though it sounds like you're not in the UK anymore) or send it to their head office with some proof of ID. Best way to find out is to email some sort of customer services person at Barclays - I'm sure barclays.com will have the right person to contact. Email form here. They must get queries like that a lot. God knows if the Llandrindod Wells branch is still open, but that won't have any effect on your account. Beautiful town, though.
posted by humuhumu at 11:20 AM on June 21, 2004
posted by humuhumu at 11:20 AM on June 21, 2004
I spoke to a guy once who was a programmer on Barclay's computer systems - although I was a wee bit drunk and it was a few years ago so forgive me if I get this wrong. I was chatting to him about a documentary I'd seen about how the familys of jewsih people who'd had their accounts frozen in Nazi Germany were unable to get their money back (NatWest was the bank I believe - bastards). Anyway, that led on to more general cases as people die all the time without anyone left to claim the money or leaving accounts long abandoned.
Apparently after ten years they assume you're not coming back and the money goes into Barclays funds, however if you go back to them and want to claim your money back you will get it and all interest that's owed to you.
Hmmm...that was a very long post for such a simple answer.
posted by dodgygeezer at 2:45 PM on June 21, 2004
Apparently after ten years they assume you're not coming back and the money goes into Barclays funds, however if you go back to them and want to claim your money back you will get it and all interest that's owed to you.
Hmmm...that was a very long post for such a simple answer.
posted by dodgygeezer at 2:45 PM on June 21, 2004
This thread is closed to new comments.
the money is probably still there, with a tiny tiny amount of interest.
posted by andrew cooke at 7:59 AM on June 21, 2004