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Bank tracking down 'dormant account' holders

Around 7,000 people have been identified by HSBC as holders of lost or forgotten-about accounts.The bank said that these customers had not touched their money in more than 15 years - and would now be contacted in order to reunite them with the funds.According to HSBC, 5,000 letters are to go out to dormant account holders immediately - with efforts being made to track down the further 2,000 currently ongoing.This smaller group has changed address since last contacted by the bank.HSBC made the move in the run-up to upcoming government legislation, which would transfer all monies untouched for over 15 years into a central fund.This cash would then be used to fund public projects.Carlos Wanderley, general manager at HSBC Customer Propositions, said: "It is quite possible that some owners of these funds are well aware it is there as some people do leave their money untouched for long periods. "Obviously we're happy to hold it for them for as long as they like, but we would like to hear from them so that we can ensure that it is working effectively for them."HSBC said that 276 out of the 17,000 dormant accounts hold around 40 percent of total monies. This equates to around £9 million.

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