Wings issue 152 February/March 2023

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<strong>Wings</strong> Interest in my bank account Editor Mike Firth shares his attempts to track down a ‘dormant’ bank account from the 1960s W AY back in the spring of 1964, Beatle-mania was all the rage, BBC2 began broadcasting and the trial of the Great Trainrobbers took place. Meanwhile, I was in short trousers in my first year at school and my parents and grandparents decided to invest in my future by opening a bank account in my name. Off they trotted to the local branch of the Sheffield Trustee Savings Bank, handed a pound note over the counter and, in return, were presented with a buff-coloured book in which to record future transactions as young Michael saved for the years ahead. That was on May 11th and, five months later, the bank book shows another pound was deposited. By the end of the year my account had already received the boost of thruppence in interest! As more pound notes were deposited at regular intervals over the next couple of years, interest levels grew and were hand written into the account book. However, a move to a new house and the arrival of my teenage years saw the bank book put to one side and then completely forgotten about. That was until just a few months ago when the old Trustee Savings Bank account record re-emerged. It showed that in 1976 the account stood at a whopping £14.80p. Not only had the balance grown substantially, but it had also turned decimal. So what should I do; forget about it or try to track how much might be in the account today? How much might £14.80p have earned in interest over almost half-a-century? The Yorkshireman in me insisted that I should make a few enquiries. Branches Hurdle number one was that although the Sheffield Trustee Savings Bank - established in 1819 - once proudly had 25 branches in Sheffield and north Derbyshire, the Abbey Lane premises where my account had been opened had closed many years ago. Indeed, a quick internet search for local TSB branches told me the nearest one to my home was in Bolsover. Driving across the M1, it struck me that the motorway we these days take for granted hadn’t been built when my account had been opened in 1964! I found the TSB on Cotton Street next to the market in the heart of Bolsover and my enquiries got off to an encouraging start when the smiling assistant told me she knew where Abbey Lane was and had worked at the branch there herself for a number of years. She also mentioned about account numbers and sort codes, but she did tell me that the present TSB was not the old TSB. The form I needed to revive my dormant account was unfortunately out of stock, so she suggested that I should visit an Age Concern website for further information. So I did just that. After creating a password and photographing my driving licence, the old bank account number was not long enough to fill in the required number of on-line squares. The site advised me to visit a branch of the bank where my account was held. So a week later I was back in Bolsover (another look around the market) for a second visit to the TSB. This time, another member of staff virtually told me I was wasting my time there as it was now a Lloyd’s Bank branch I needed. So where would I find one of those? In another north Derbyshire market town, that’s where! A staff member behind the counter at Lloyd’s in Eckington town centre gave me a warm welcome, studied my curious old bank book, confirmed the Abbey Lane TSB branch had closed and told me more about old account numbers and sort codes. There was nothing she could do there and then, but there was a form I could complete. They had them in stock, too! So back home I went with a copy of the British Bankers’ Association’s pamphlet on Lost Bank Accounts. Completing the two-sided ‘Form to Reclaim Funds From a Lost Account’ which came with it, I popped it into an envelope and sent it off to the BBA’s headquarters at Pinners Hall in London. I was hardly waiting with baited breath, but after six weeks I was curious as to when I might receive a reply - and my money from the 1960s. Then returning home one day, there was an envelope on the doormat. The Royal Mail had been unable to deliver my completed form, stating “Addressee Gone Away”. A quick check on the internet and, sure enough, the British Bankers’ Association was no more, having merged with UK Finance from 1st July, 2017. I contacted this organisation by email and was amazed to receive a response inside 24 hours. The advice was to return to the internet to complete another (simpler) on-line application form with an organisation called My Lost Account. This group apparently processes more than 8,000 applications each month. I wasn’t anticipating a speedy conclusion after being told my details would be stored with them for 365 days, but then heard back by email. They told me: “We regret to advise you that Lloyds Bank Plc have not found a dormant account in the name supplied.” If I wish to take the matter further, one of the courses of action they suggest I should pursue is... to visit a branch! Now I’m even more determined than ever to see this through as my account has earned another six months’ interest. 10
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Wings issue 152 February/March 2023

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