Transport for London holding £300m 'cash mountain' left on dormant Oyster cards
Warning millions in potential refunds has gone unclaimed as scheme celebrates 15th anniversary
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Your support makes all the difference.Transport for London (TfL) has been urged to help customers reclaim their share of the “cash mountain” sitting on dormant Oyster cards as the contactless scheme marks its 15th anniversary.
Official statistics released by the transport authority show the total balances and deposits on cards that have not been used for more than a year currently stands at £321m.
Lib Dem London assembly member Caroline Pidgeon has accused TfL bosses of remaining “incredibly quiet” about the growing pot of cash sitting in dormant Oyster accounts.
“As we celebrate Oyster’s success we should not overlook the staggering rise of dormant Oyster cards, creating an immense cash mountain for TfL,” Ms Pidgeon said.
“The total amount left on dormant Oyster cards is soaring, almost certainly in part due to the increasing number of people who have switched to contactless payment.
“TfL never stops bombarding us with advertisements and information campaigns, but highlighting this cash mountain is one issue that they remain incredibly quiet about.
“It is time TfL devoted far more time and energy telling the public how they can get their own money back.”
More than 100 million people have used Oyster cards since they were launched on 30 June 2003.
The scheme has revolutionised the way in which public transport is paid for in the capital and can be used for travel by Tube, rail, bus, boat and cable car.
Fares are capped, meaning users will never pay more than they would for an equivalent paper ticket for their day’s travel.
Oyster users are able to reclaim the £5 initial deposit they paid for their card, as well as up to £10 pay-as-you-go credit.
However, few are choosing to do this and the TfL is sitting on an ever increasing fund of cash accumulating on dormant cards.
The figure has risen by almost £100m in the past two years, up from £223m in August 2016.
The transport authority is however planning for a £1bn deficit next year after a fall in passenger numbers prompted by factors such as changing work patterns and the rise of internet shopping has hit its revenues hard.
Several Tube upgrade programmes have been shelved after it lost a government grant worth £700m a year, while a significant number of bus services are also due to be cut.
“The Oyster card is an essential part of London and we're delighted with how popular this innovation has become in the last 15 years,” said Shashi Verma, TfL's chief technology officer.
“It has transformed travel on public transport in London, become a world-recognised product and helped provide more affordable and convenient travel for everyone.”
Additional reporting by PA
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