Martin Lewis explains how Britons may be owed forgotten cash - how to track lost accounts

Martin Lewis was back on ITV’s This Morning, providing important money saving tips and insight in yet another week of support for Britons. Today, accompanied by presenters Phillip Schofield and Holly Willoughby, he took calls from people with questions about their finances. One Briton named Jenny wrote in to tell Martin about an account she previously held which she had not accessed in a number of years.

Dormant funds are estimated to have racked up to some £850million from people across the UK who have lost track of money. 

If this occurs then banks and building societies can transfer this money to a body known as the Reclaim Fund, to donate to charities and other good causes.

But as Martin went on to explain, this does not mean a person cannot get their money back when they investigate the issue further.

This is because the sum always belongs to a person if they ask for it later down the line. 

Martin went on to make suggestions to Jenny and all Britons who have lost a bank account in years gone by.

This is a free service which helps Britons hunt down lost accounts and savings throughout the years.

All people will need to do is once again provide as many details as possible within their application form to assist the process. 

But for those facing resistance from a bank in returning rightfully owned funds, Martin had a stark warning.

He said: “Tell the bank you want to make a formal complaint to the Financial Ombudsman if they are holding onto your money – tell them Martin Lewis said so!

“Tell them if they don’t give your money back you will make a formal complaint to that service.”

This, Martin explained, is likely to make resistant savings companies back down, as they may have to pay a fee for a complaint. 

Any disputes should therefore be settled, and if a claim for funds is valid, people should be reunited with their money. 

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip