How do I check whether I am owed money?

Money goes unclaimed in predictable places: accounts opened long ago, pensions from jobs you left, tax overpaid through a wrong code, and refunds never processed. All are searchable and none of it requires paying anyone.

What you'll need

• Old paperwork (optional)
• Previous addresses and employers (optional)

Step by step

1. Search for dormant bank and savings accounts.Many countries have a free national tracing service covering banks, building societies and savings products. It searches multiple providers at once.
2. Trace old workplace pensions.Most people have several from previous jobs. National pension tracing services are free and only need the employer's name.
3. Check whether you have overpaid tax.A wrong tax code, a mid-year job change or unclaimed work expenses all cause overpayment. Tax authorities have a process and it can be backdated several years.
4. Check for unclaimed refunds and credits.Energy accounts closed in credit, deposits, overpaid council tax or rates after moving. These are frequently never returned automatically.
5. Check old premium bonds, shares and investments.Certificates in old paperwork, or holdings registered to a previous address. Registrars have tracing processes.
6. Check for compensation schemes you may be part of.Mis-selling redress, class actions, energy or telecoms compensation. Some require you to claim rather than paying automatically.
7. Never pay a company to search for you.Every legitimate tracing service is free. Companies charging a percentage do exactly what you can do yourself in an hour.
8. Update your address with old providers.Much of this money is unclaimed simply because the provider cannot find you. Updating details is what releases it.

Tips

• Do this after a house move in particular. Closed accounts in credit and deposits are commonly left behind.
• Gather previous addresses and employer names before starting. Most tracing services need them and it saves stopping halfway.
• Be sceptical of anyone contacting you saying you are owed money. It is a very common scam pretext — search yourself instead.

Common mistakes

• Paying a company a percentage to trace money for you — Every legitimate tracing service is free and takes about an hour. They do exactly what you can do yourself.
• Responding to an unsolicited message about money you are owed — It is a standard scam approach. Genuine tracing is something you initiate, not something that contacts you.
• Assuming old small accounts are not worth finding — Balances accumulate interest for years, and pensions in particular are often far larger than people expect.

Questions people ask