13 April 2007
Royal Mail has come up with a new system to help people in the UK be reunited with their dormant current accounts.
There is an estimated £15 billion lying in dormant accounts, which normally come about when people move home without informing their financial institution and then forget about their money.
But Royal Mail has now taken 16 years' worth of data, covering 16 million records, from its Mail Redirection service to help banks and building societies track down the holders of dormant accounts.
Not only will customers benefit from retrieving money they may have neglected, but it will also provide a fillip for the financial provider who will be seen to be acting fairly and responsibly towards its customers.
Leonora Corden, Royal Mail's Head of Market Development, said: "We are very confident, as a result of recent rigorous testing, that we can help banks and building societies identify customers that other trace mechanisms can't.
"It will give banks and building societies the opportunity to re-establish contact with customers and encourage them to reinvest the dormant funds or consider other products."
© 2008 Adfero Ltd
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