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Brit program finds $1B in overlooked cash

Feb. 23, 2013 at 6:24 PM

LONDON, Feb. 23 (UPI) -- Consumers in Great Britain have recovered almost $1 billion (645 million pounds) in dormant accounts since 2008, business leaders said.

A program run by the nation's major banks allows consumers to easily check accounts in their name that contain small amounts of money forgotten along the way. Previous bank accounts and retirement savings accounts from old jobs are the most frequently overlooked accounts, officials told the BBC Saturday.

"My Lost Account" has had 580,000 people search for their names with 315,000 finding at least some lost cash.

Under British law, money left dormant in accounts for more than 15 years can returned to the government to help fund social programs.

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