Bank Hails Success of 'Dormant Accounts' Project

The "dormant accounts" scheme currently being undertaken by Halifax is proving successful, the bank indicated today.

Earlier this year, the firm announced that it would be attempting to reunite customers with funds held in accounts that had remained unused for years after being forgotten about, and had therefore become inactive or "dormant". So far, Halifax claims, a total of £16.6 million in cash has been transferred back to its rightful owners.

Around 7,200 people have been reunited with their money under the scheme, which means that an average of £2,300 a time has been transferred for each recipient. Moreover, Halifax said that over two-thirds of dormant accounts holding balances of £50,000 or more had been successfully activated again.

Tony Wilcox, head of savings at Halifax, said: "We are pleased with our reunification progress so far…we do however still have lots to do."

Halifax's scheme replicates those of other banks, who have tackled their dormant accounts ahead of new government legislation. This upcoming law, to be known as the Unclaimed Assets Scheme, automatically transfers all funds which have been unclaimed for 15 years or more to a central fund - which is then used to fund community projects.