Lloyds reunites customers with forgotten savings

| January 28, 2009
Lloyds reunites customers with forgotten savings

Lloyds Banking Group launched a new campaign this week to reunite customers with £100 million held in dormant bank accounts.

The banking group – created this month by a merger between Lloyds TSB and Halifax Bank of Scotland – said it is paying for a national advertising drive that will encourage customers to check if they have untouched money in accounts they’ve forgotten about.

External tracing companies will be used to track down customers no longer in touch with the bank.

Peter Jackson, managing director of consumer banking at Lloyds, said reuniting customers with dormant funds will be a ‘significant task’.

So far £23 million has been returned to customers, although £93 million is still sitting unclaimed.

“A key priority for the group is to offer initiatives specifically designed to help our customers,” Jackson said.

“In challenging times reuniting customers with dormant funds could prove a welcome boost to many.”

HSBC started a similar campaign in September last year. Since launch, the campaign has reunited 3,500 customers with £5.5 million of dormant money.

The Dormant Bank and Building Society Accounts Act was given Royal Assent in November last year.

Under the Act, money left dormant for 15 years is transferred to a Central Reclaim Fund where it is invested in community projects.

Anyone with money in the fund has an indefinite right to reclaim their savings.

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