It's hard to imagine forgetting about a stash of money, but it happens more often than you would think. Whether it is a misplaced inheritance, a dormant savings account, or a childhood gift you were never really aware of, there may be some unclaimed money out there that belongs to you. In fact, there is approximately £1bn sitting around in the form of "lost" shares and dividends across the FTSE 100, says Harry Brennan in The Daily Telegraph. And it isn't going to hang around forever.
Pest-control company Rentokil is hoping to donate £250,000 of dormant shares in the company and unclaimed dividends to charity every year, it said recently. "If the firm cannot make contact with shareholders after 12 years, their stock and dividends will be declared dormant and eventually given to charities," says Brennan. Rentokil estimates its dormant shares are worth around £1m. If a shareholder makes a claim for their money after it is donated, they will only receive up to £3,500 of what their holding is worth. Anything above that "will be lost forever".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.
-
£150 off energy bills: millions more to get discount this winterThe expansion of the Warm Home Discount scheme follows a government U-turn on the Winter Fuel Payment. We explain who will get the £150 discount
