The Alternative Scheme
The Alternative Scheme enables building societies and banks with balance sheet values below £7bn, that choose to participate (‘participants’), to utilise their qualifying dormant accounts to support their favoured local and aligned charities.
The Scheme (in compliance with the Dormant Bank and Building Society Accounts Act 2008) ensures that the right of account holders to reclaim their money, at any time, is protected in perpetuity by transferring the individual’s claim against the bank or building society to RFL.
RFL welcomed Newcastle Building Society as its first participant of the Alternative Scheme in May 2019.
Following the lead of Newcastle Building Society, The Cambridge Building Society has also joined the Alternative Scheme.
Peter Burrows, Chief Executive of The Cambridge commented,
‘We are delighted to announce the launch of The Cambridge Building Society Community Fund, it’s very important to us that our fund supports both people locally and with a homes and housing need, joining the Dormant Asset Scheme has allowed us to fulfil this.’
To find out more about joining the Alternative Scheme please click here.
