A total of £77,330,000 of dormant account money has so far been made available for the benefit of good causes by Reclaim Fund Ltd since the organisation was launched in March 2011. The latest tranche – £15,200,000 – was transferred to Big Lottery Fund at the end of July.
Reclaim Fund Ltd was established following the Dormant Bank and Building Society Accounts Act 2008 to receive and invest dormant account balances, releasing as much as possible for re-investment in the community. It is estimated that up to £400 million could be lying in accounts where there has been no customer activity for 15 years or more. However, Reclaim Fund Ltd must ensure it retains enough to meet future reclaims from customers who will always be able to access their money.
Customers wanting to be reunited with money they may have forgotten about should contact their bank or building society in the normal way or visit www.mylostaccount.org.uk.
Ten of the UK’s largest financial institutions have joined the dormant accounts scheme so far. Membership of the scheme is voluntary.
Reclaim Fund Ltd is a non-profit-making organisation. It is a wholly-owned subsidiary of The Co-operative Banking Group, operating independently with an appointed Board and Executive.