Claim What Is Yours, Says Local MP

12.00.00am BST (GMT +0100) Wed 15th Oct 2008

Liberal Democrat MP John Leech is urging his constituents to check whether they have money in dormant bank accounts.

Despite the recent financial downturn, there are millions of pounds lying unclaimed in bank accounts throughout the UK, with Halifax and the Royal Bank of Scotland alone claiming that they have more than £100,000 worth of assets lying dormant in the Withington constituency.

As part of the debate over the Dormant Bank Accounts Bill, Liberal Democrats have been pushing for money in accounts unused for more than 15 years to be invested in local communities.

Mr Leech said:

"If successful, this Bill would mean that money in dormant accounts might still be claimed after 15 years - but to avoid unnecessary worry and paperwork, we are urging people to check for accounts now.

This could provide a much needed boost for local families struggling with the economic slump. With over one hundred dormant accounts registered in this constituency from one bank alone, there are many people out there who have money they don't know about.

I am encouraging all financial institutions to be more proactive in seeking to marry up dormant accounts with their owners. But to make sure money doesn't go unclaimed, people must make sure they ask and claim what is theirs."

<ENDS>

Notes for editors:

1) Customers who believe they may have dormant bank accounts can do so by contacting their bank, or through the British Banking Association's website at www.mylostaccount.org.uk.