HSBC dormant accounts programme 'successful'

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HSBC dormant accounts programme 'successful'

HSBC has announced that its programme to reunite customers with funds held in dormant accounts has been a success.

The bank claims that so far, around 3,500 customers have been reunited with an estimated £5.5 million in forgotten funds - money that has not been touched in 15 years or more.

HSBC said that its programme would continue targeting the estimated 40,000 dormant accounts which have an average balance of £1,000, in an attempt to get the money to its rightful owners.

Steve Eustice, HSBC's dormant account manager, said: "Money lies in dormant accounts for all sorts of reasons.

"Smaller amounts are often just forgotten, while larger amounts are often just being left to sit there only to be used in case of emergencies."

Lloyds Banking Group recently announced that it is launching a similar programme aimed at helping customers of its high street brands, Lloyds, Halifax and the Bank of Scotland.

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