Royal Mail steps up to help trace lost accounts

13 April 2007
National postal service Royal Mail is launching a redirection service for banks hoping to find dormant account holders after consumer groups appealed for a more proactive approach to tracing lost customers.

The success rate for the tracing service, which uses data gathered over the last 16 years, is currently at 60 per cent, Royal Mail claims.

"Our unique information on people who have moved home over the past 16 years helps us identify them," head of market development Leonora Corden explained.

While the Commission on Unclaimed Assets this week launched its campaign to reunite dormant account customers with their money, the National Consumer Council (NCC) has called for the creation of a quick and easy 'lost and found' service.

It has also stressed that tighter regulatory mechanisms should be in place to prevent customers losing touch with their accounts, eliminating false claimants to dormant account funds.

Last week, the NCC estimated that as many as one in three customers in the UK could have a dormant account they have forgotten about.

Each of these customers would thus have a stake in the £400 million estimated to be sitting in dormant accounts countrywide.

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