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Nationwide Dormant Account from 1971 help needed


swanleyboy
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Hi,

 

Apologies as not sure which section is best.

 

I will shorten this as rather complex. Have a passbook from Greenwich Building Society from 1971 with £5,000 in it. (was my father in laws mother but both passed away now - mother in law still with us!)

 

I found out that ultimately it was sold to Portman and then to Nationwide. So wrote off to Nationwide, send copies of the passbook and they now say that as it is well over the 6 years and due to the Limitations Act 1980 that they do not have any details of the account and all files would now be destroyed.

 

I have a problem with this as there could be £5000 somewhere from 1971!

 

Anyone know how to proceed with this?

 

Many thanks

 

Swanleyboy

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Hi,

Not sure is you have seen this website but if not, you should give it a try.

 

http://www.mylostaccount.org.uk/aboutus.htm

 

As for the 6 years, they should keep accounts for the life of the account and for 6 years AFTER the account is closed. If the account hasn't been cashed in, their should be some record of it somewhere.

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I have seen it but we know the account number as we have the passbook so not sure of the point.

 

The letter basically brushed us off saying "well we haven't a record of the account so go away".

 

Just wondered if worht pursuing as £5000 in 1971 is worth a fair bit now. The passbook shows the credits but no withdrawals and no note of being transferred etc.

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We got stuff from my wifes side of the family which was over 50 years ago with no one now living.

 

 

Try a line to the top man - [email protected] .

 

I think that the thing to do is to start off calculating the likely value. Then go from there.

I think that an immediate complaint to the FOS is a good starting point.

Edited by BankFodder
message garbled by mobile phone!!
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BankFodder has asked me to drop in on the regarding calculation.

 

I know I like a maths problem but this one is a corker going back to 1971!

 

I'll need some time to investigate some rates etc going back that far but will get back to you as soon as I can.

 

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BankFodder has asked me to drop in on the regarding calculation.

 

I know I like a maths problem but this one is a corker going back to 1971!

 

I'll need some time to investigate some rates etc going back that far but will get back to you as soon as I can.

 

"Non-scientific" but can one use the "Mars bar" yardstick for approximation?

 

How many mars bars could £5,000 buy in 1971?

Multiply by current retail cost of a Mars bar, and voila!

 

(For a scientific approach : there must be a "standard" rate of interest measure for each individual year to apply / compound ?)

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http://swanlowpark.co.uk/savingsinterestannual.jsp

 

BankFodder has asked me to drop in on the regarding calculation.

 

I know I like a maths problem but this one is a corker going back to 1971!

 

I'll need some time to investigate some rates etc going back that far but will get back to you as soon as I can.

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Really need to know if they are right in their 'shrugging their shoulders' attitude? As its over 6 years it tough or not?

 

I will write to them again but wondered if anyone knew anything certain?

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Before you write to them again do some research, so hold fire for the time being.

 

Really need to know if they are right in their 'shrugging their shoulders' attitude? As its over 6 years it tough or not?

 

I will write to them again but wondered if anyone knew anything certain?

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  • 1 month later...

Had a letter from them saying we will hear by 11th August. A letter came on the 11th saying they needed more time and now a response by 11th September. Would this indicate a positive result?

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It sounds like they could be stalling, but it might be they need to go through their records, weretalking about 1971.

 

Had a letter from them saying we will hear by 11th August. A letter came on the 11th saying they needed more time and now a response by 11th September. Would this indicate a positive result?
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