Customers to be ‘reunited’ with Lloyds TSB current accounts

Lloyds TSB has launched a new campaign aimed at reuniting customers with their unused savings, commercial and personal current accounts.

According to the bank, a total of around £69 million is stored in over 120,000 unused accounts held by its customers and Lloyds LSB has appointed specialist search agency Tracesmart to help with the nationwide drive to locate account owners.

Customers with accounts that have been inactive for 15 years or more will be sought by the agency in an initiative that covers unclaimed assets in Lloyds TSB savings and bank accounts and Cheltenham & Gloucester savings accounts.

The average amount that TSB is hoping to return to account holders is £575 and one tenth of the accounts in question have balances exceeding £10,000. Customers will be contacted by post and asked to attend any Lloyds TSB branch in order to claim their funds and enjoy a free consultation with a Lloyds TSB financial advisor.

Helen Weir, Lloyds TSB group executive director of UK retail banking, said: “As customers change address, open multiple accounts and their circumstances change, despite our best efforts to keep in touch it’s surprisingly easy for them to lose track. This is why we have taken action and appointed a specialist search agency to help us locate the rightful owners.”

Meanwhile, high street bank Barclays altered its current account offering earlier this month, including changes to its overdraft system, as a response to customer feedback calling for accounts to be simpler.

© Adfero Ltd

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