letter from bank

[afcjan]

Hi can anyone help me please. my dad is elderly received a letter from a bank today informing him that as he has not used this particular bank account for some time and if he does not use it within 3 months. they will close this account and keep the money. are they legally entitled to do this. surely its stealing. can anyone give me some advice on how to help him.

thank you I would be very grateful.

[CheekyChops]

No bank will close an account and keep the money. If they can trace the account holder they will send him the funds, if they can't it will go to a suspense account until the account holder claims it.

Can't he just carry out a small transaction to ensure it doesn't get closed? Or contact the bank and tell them he doesn't want it to be closed?

[Ethel]

Have you seen the letter?

The bank is entitled to close the account at any time, with appropriate notice. They would expect to be given information regarding the transfer or withdrawal of the funds.

[afcjan]

Thank you both for your answers.

Ethel knew I could rely on you. No I havent seen the letter, he got it today and I havent been over there yet. I will try tomorrow or Monday.

both your answers make sense and I will read the letter through, bearing in mind what you both said.

your help guys is very much appreciated.

[Eve]

I got a similar letter from HSBC who I had a small savings account with when I was a kid.

There can only have been a couple of quid in it and hadn't bothered with it for many years so they sent me a similar letter.

[kempie]

This is a result of the Dormant Bank and Building Society Accounts Act which allows the Government to divert long-time untouched monies into finance for good causes. The account holder can reclaim the money at any stage.

http://www.charityfinance.co.uk/home/content.p hp?id=2429

[tamborine]

In some cases, current accounts are chargeable. If the bank charges have swallowed up holders monies then the account would be closed rather than running up a debit on the a/c holder.