Billions left in forgotten accounts go to charity

How to trace lost accounts and investments A recent report explains how the UK government is planning to expand its dormant accounts scheme to include some pensions, shares, and bonds, and take our money and donate billions of pounds to charity, according to Hargreaves Lansdowne. The scheme will eventually mirror the dormant account scheme where the provider hasn’t been able to get in touch with the investor for at least 12 years, and there’s been no activity on the account. If you hold only cash in your account then after six years it will be considered dormant. Banks and insurance company’s charges and fees will not be dormant, but your account will be considered dormant! Your money could be taken and “allocated” to good causes by the National Lottery Community Fund. However, the current dormant accounts scheme gives people the right to reclaim their money at any time in the future. The dormant accounts scheme has been running since 2011, and £1.2 billion in so-called dormant bank and building society accounts has been earmarked for charity. Listen to my 3 steps to help avoid losing your accounts... Simplify Record Reviiew Find out where you can trace lost accounts and read the full article and podcast on my website www.moneytipsdaily.com  In my book, In my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, two of which are Record and Review. Check it out on Amazon http://bit.ly/2MoneyBook.