posted July 29, 2005 05:32 AM            

The majority of consumers have welcomed proposals that would transfer "forgotten money" in bank and building society accounts to charities.

Government plans to donate the forgotten funds between a number of charitable organisations would be supported by the British public, according to a survey by financial solutions firm Experian.

A staggering amount of between £5 billion and £10 billion is estimated to be left unused in inactive bank accounts.

Figures revealed that four out of five people agreed that the money should go to charity, as long as it has been inactive for at least ten years and the original owner is given the chance to reclaim it.

Keith Hollender, managing director of Experian's Unclaimed Assets Register (UAR), explained that it can happen quite easily: "In most cases, money is unclaimed because the owners have failed to advise of any house moves and subsequently forgot their entitlements, or have passed away."

The report found that almost half of those questioned on the subject admitted that they too could have forgotten accounts with money still in them

"The greatest surprise came when nearly half of those who took part in the survey revealed that they might actually have accounts somewhere that they had not accessed in years," Mr Hollender said.