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Reclaim Money from Old Accounts
Where an account has not been used for 15 years, the UK's banks and building societies send the money to the Reclaim Fund Limited (RFL). This fund has received more than £1.4bn from dormant accounts, and only £100,000 has been reclaimed.
A total of 35 banks and building societies in the UK are signed up to the RFL, which was launched in 2011. This not-for-profit government body has given £800m to charity, and has kept £600m to cover customers reclaiming their money.
The money goes back to accounts that are 50, 60, 70 years old - they go back as far as records go back. Anyone who thinks they have a lost account can fill out an online form. The old bank book is not required, to reclaim money, just the original address and the name of the bank.
The dormant assets scheme will be expanded to include the insurance, pensions, investment and wealth management, and securities sectors. That will unlock a further £880m, in addition to the money in the Reclaim Fund.
For further details visit the Reclaim Fund Limited website.
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