|£60 Million in Unused Oyster Card Balances|
Mayor and TfL now sitting on a cash pile
£60 million of the public’s money is now being held in a cash pile by TfL due to a growing number of Oyster cards that have not even been used for at least one year.
The huge cash pile is due to the soaring levels of money that Transport for London (TfL) generate from people obtaining Oyster cards that are used just once, or very rarely.
In the Summer of 2013 TfL finally admitted that £46.6 million of the public’s money was sitting on dormant Oyster cards. The latest figure from TfL reveal that less than a year later their cash pile has soared to £60 million.
Caroline Pidgeon AM, Leader of the Liberal Democrat London Assembly Group and their transport spokesperson is now calling for the Mayor and Transport for London to undertake a range of measures to ensure the public are fully aware that they can claim back their own money, or that the public can easily donate their dormant Oyster cards to a charity.
Commenting on the latest figures Caroline Pidgeon said:“Less than a year ago Transport for London finally admitted to the public that they held a staggering £46.6 million of the public’s money on Oyster cards which had not been used for at least one year. It is shocking that within a year this huge cash pile has soared by almost 25 per cent.
“Transport for London will claim that they have reduced some of the bureaucracy in allowing people to finally get their own money back, but in reality the Mayor and TfL have done hardly anything to even inform the public that they are entitled to claim back their own money.
“Every day the public are bombarded with TfL advertisements and information campaigns on a whole range of issues, yet when did anyone recently hear from TfL that they were holding millions of pounds of public money which people have every right to claim back?”
“It is time the Mayor and Transport for London devoted time and effort into informing the public about their right to claim back their own money.
Caroline Pidgoen has now set out a plan that the Mayor and TfL should take to ensure the public can claim back their own money:
In a letter to the Mayor of London she sets out four key policies which must be adopted: