£30 million from dormant accounts goes to good causes

2 August 2011

The first tranche of monies from dormant bank and building society accounts has this week been transferred to Big Lottery Fund to benefit good causes.

Reclaim Fund Ltd, established in March to receive and invest dormant account balances, has handed over £30 million for re-investment in the community, as set out in the Dormant Bank and Building Society Accounts Act 2008. It is expected that distributions in the first year will be between £60 – £100 million

Paul Mills, Executive Director of Reclaim Fund Ltd, said:

“I’m delighted that we have been able to meet our initial expectations by making our first transfer to Big Lottery Fund this month and look forward to further distributions later in the year as more banks and building societies join the scheme.”

He added that it was important to note that the scheme does not affect the rights of customers who can still be reunited with their money at any time by contacting their bank or building society in the normal way or by visiting www.mylostaccount.org.uk.