Bath Building Society has become the latest Society to join the Dormant Assets Scheme, partnering with Reclaim Fund Ltd (RFL) to unlock the value of otherwise dormant accounts for social good.
Bath joins more than 60 financial services firms already signed up to the Scheme, which allows dormant assets to be channelled into social and environmental causes, while safeguarding the right of customers to reclaim their funds in full at any point.
Bath will be joining the Alternative Scheme for smaller banks and building societies, enabling them to direct dormant funds to local causes through their community foundation.
Adrian Smith OBE, Chief Executive of Reclaim Fund Ltd, said:
“Bath Building Society’s participation in the Dormant Assets Scheme is another strong signal of the momentum we’re seeing across the sector. We’re delighted to welcome them on board and to support their commitment to delivering meaningful social impact for their Members and communities.
It was a pleasure to speak with Bath’s CEO Richard Ingle at the BSA Conference about the process, and we’re pleased to see that conversation now translate into action.”
Richard Ingle, Chief Executive of Bath Building Society, said:
“Joining the Dormant Assets Scheme is a practical way for Bath Building Society to ensure money that has been left untouched for a long time can still do good in the communities we serve. Importantly, customers and Members can reclaim their funds in full at any time, and their rights remain fully protected. We’re pleased to be partnering with Reclaim Fund Ltd and, through the Alternative Scheme, to be able to direct any dormant funds we transfer into local causes via our community foundation.”
The Society’s foundation will be administered by Quartet Community Foundation in Bath.
The Dormant Assets Scheme enables banks and building societies to transfer funds from long inactive accounts so they can be reinvested into social and environmental initiatives across the UK, while ensuring customers’ rights to reclaim their money at any time are fully protected.