If you have lost track of a bank or building society account Lost Accounts can help you find it. This is a free service set up by the British Bankers’ Association, the Building Societies Association and National Savings and Investments. Together they represent most of the firms that offer savings and current accounts in the UK.

Banks and building societies are stepping up their campaigns to reunite customers with lost cash because towards the end of 2009 the Government is going to pool the £1 billion lying in dormant accounts and place the money in an FSA-regulated central reclaim fund. This fund will then be reinvested in the community, particularly in youth services and financial inclusion schemes, but if someone later comes forward to claim their money, the fund will be used to pay account holders.

The procedure for tracking down your dormant or forgotten account is very straight forward. You enter your personal details, current and previous addresses and as much information as possible about the account. Even if the original institution has been swallowed up in mergers and acquisitions, it should still be possible to find your account. The response may take up to 12 weeks but, before you can claim the money as yours, you will have to provide proof of identity.