Money News
Halifax is launching a campaign to reunite its customers with approximately £44 million held in around 110,000 old and unused savings and bank accounts.
Under plans outlined by the Chancellor in his 2005 Pre-Budget Report, accounts that the customer hasn't used ("forgotten" accounts) for over 15 years will be classed as "dormant. The money however will always remain the customer's property. Hence, it can be reclaimed at any time.
Almost 75% of dormant accounts held by Halifax customers have a balance of less than £100. And the vast majority of dormant accounts are savings accounts. The total amount in Halifax dormant accounts - £44 million - represents just 0.03% of the £133 billion of retail banking and savings balances held by HBOS.
The largest concentration of old and unused Halifax accounts is in London (24%), followed by the North of England (18%). A total of £15.5 million remains unclaimed by London customers.
To reunite customers with their cash Halifax is undertaking a series of initiatives, including mailings to dormant account customers, national and regional newspaper advertising and claim forms in all Halifax and Bank of Scotland branches. A dedicated website (www.halifaxlocateaccounts.co.uk) to enable customers to download claim forms, is also being made available.
Customers can either visit a branch and complete a claim form or go to the new website. Where an account is traced, customers can reactivate their accounts and will receive any applicable interest on their full balance.
Third-party search agents are being employed by Halifax to actively seek customers with balances above £1,000. Halifax says it will meet all costs associated with these searches.
The Halifax campaign will cover Halifax retail banking and savings products. The Bank of Scotland campaign will also include Bank of Scotland Business Banking accounts. A campaign for Birmingham Midshires is also being launched.
20 February 2007 © Moneyextra.com
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