The figures come from Transport for London, obtained by the Liberal Democrats using a Freedom of Information request.
Leaving small amounts of cash on unused Oyster travel cards is common practice among Londoners, but the Liberal Democrat London Assembly Group (LDLAG) has suggested that many citizens are unaware that this cash can be refunded at any Tube ticket office.
Caroline Pidgeon, leader of the LDLAG, said: “Transport for London (TfL) is now sitting on a cash pile of £55m which should be returned to passengers.
“They [TfL] claim people can easily reclaim their money from dormant Oyster cards but the evidence suggests otherwise. If it really was simple for passengers to reclaim their money, why has the amount left on dormant Oyster cards doubled in the last two years?”
However, Shashi Verma, TfL’s director of customer experience, told the BBC: “Pay as you go Oyster cards do not expire and customers are able to return their cards to a Tube ticket office at any time for a refund of the remaining balance and card deposit.”
Did you know that? Have you ever gone to get a remaining balance refunded, or do you have piles of cash hanging around on unused Oyster travel cards? Log in and leave a comment below.