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TfL Sitting On ?300 Million Oyster Card Fortune

Transport for London (TfL) are currently sitting on a ?300 million cash pile that has built up on dormant Oyster cards and have been accused of keeping quiet about the fact.

Transport for London figures show that the balances and deposits on Oyster cards that have not been used for at least a year currently stands at more than ?321 million.

TfL has been accused of keeping quiet about the cash pile by Lib Dem London Assembly member Caroline Pidgeon and urged to encourage more people to claim back money that has been left on inactive cards.

The Lib Dem London Assembly member 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.

Ms Pidgeon continued: ‘It is time TfL devoted far more time and energy telling the public how they can get their own money back.?

With last Saturday marking the 15th anniversary of the introduction of the Oyster card system, more than 100 million consumers have used the travel cards since introduction on 30 June 2003.

While the Oyster travel system has revolutionised the way transport is paid for in Greater London – linking journeys by tube, rail, bus, boat and cable car – the amount of deposits on dormant cards has soared over the years.

With the introduction of contactless payment on the London travel system, more and more Oyster cards are being left unused.

Shashi Verma, TfL?s Chief Technology Officer, said: ?We?re committed to ensuring that our customers can get back the credit on their Oyster cards if that is what they want.

?This is why we regularly publish the amount of credit on cards and how people can obtain a refund whenever they wish.?

If you have a redundant Oyster card that you feel may have unused funds you can get a refund from any Tube station ticket machine, TfL?s Visitor Information Centres or by contacting the customer team on 0343 222 1234.

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