HSBC aims to reunite thousands of customers with their forgotten savings and current account. They are writing to 12,000 customers who have not used their accounts for more than 15 years. They plan to trace an additional 5,000 of customers who no longer live at the address which is on record.
This scheme runs alongside a government initiative to reunite people with their lost or forgotten money. Under new regulations, accounts which have not been used for 15 years will be classified as a forgotten account and the money will be transferred into a government fund. However, if the customer gets in touch about their forgotten account then they will still be able to rightfully claim their money. As the credit crunch has hit our disposable income, this scheme could not have come at a better time for customers who may be struggling with their finances and may be seeking debt advice.
Carlos Wanderley, General Manager, HSBC Customer Propositions, said: “It is quite possible that some owners of these funds are well aware it is there as some people do leave their money untouched for long periods. Obviously we’re happy to hold it for them for as long as they like, but we would like to hear from them so that we can ensure that it is working effectively for them.”