Halifax sign up Experian to trace dormant accounts

| July 17, 2007 | 0 Comments

Halifax has become the first UK bank to sign up with Experian’s new Unclaimed Assets Register (UAR), to locate the holders of its dormant accounts.

Halifax and other HBOS brands, Bank of Scotland and Birmingham Midshires, declared in February that they would be attempting to reunite their customers with savings accounts and cash they may have forgotten about.

A spokesperson for HBOS said that Experian’s knowledge in this area will allow us to find the owners of dormant accounts. Many accounts have become dormant for many reasons such as the account holder is deceased but the new scheme by the Halifax will mean many benefiting and it won’t cost a penny to the account holder.

It is estimated by HBOS that there are around £50 million in dormant accounts which belong to over 100,000 customers. Of this total, around £44 million is held in Halifax accounts. Many of the accounts have been dormant for over a decade and address details are incorrect so the new service will help trace these people.

A spokesperson for Experian’s Investment and Professional Services and founder of the Unclaimed Assets Register commented that HBOS has taken a significant step in dealing with the issue of inactive accounts and should be acknowledged for being the first to make such a move.

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