Dormant Bank and Building Society Accounts Act 2008: Finding and Claiming Unclaimed Balances

The Dormant Bank and Building Society Accounts Act 2008 is a law that requires banks and building societies to search for and reunite customers with their lost or forgotten accounts. This law was enacted to help people recover their unclaimed balances.

In the UK, it's estimated that there are over 10 million dormant accounts holding £1.4 billion in unclaimed balances. Many of these accounts belong to people who have moved abroad, passed away, or simply forgotten about them.

To find out if you have an unclaimed balance, you can search the UK's official database, the "Unclaimed Assets Register". This register contains information on accounts that have been dormant for 15 years or more.

If you find an account in your name, you'll need to contact the bank or building society to claim your balance. They'll ask for proof of identity and address to verify your claim.

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The Dormant Bank and Building Society Accounts Act 2008 is a UK law that aims to help people who haven't used their bank accounts for a long time.

This law was passed by the Parliament of the United Kingdom, and its long title explains its purpose: to make provision for using money from dormant accounts for social or environmental purposes.

The law was introduced by Lord Davies of Oldham and Angela Eagle, and it received royal assent on November 26, 2008.

The act authorises the Big Lottery Fund to distribute assets from inactive accounts that have been untouched for 15 years.

The law applies to England and Wales, Scotland, and Northern Ireland.

The Big Lottery Fund is responsible for distributing the assets, and it's a significant step towards helping those who may not have access to their money.

Here's a quick rundown of the key dates:

The Dormant Bank and Building Society Accounts Act 2008 was designed to reunite people with unclaimed assets.

In 2008, the UK government passed this act to help reunite people with their lost or forgotten bank and building society accounts.

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The act was a response to the estimated £12 billion in dormant accounts that had been left untouched for years.

To be considered dormant, an account must have had no activity for 15 years.

This means that if you haven't touched your account in over a decade, it's likely to be considered dormant.

The act requires banks and building societies to review their accounts and identify those that have been dormant for 15 years.

They must then try to contact the account holders to reunite them with their money.

Banks and building societies are required to hold the unclaimed assets in a special fund until the account holders can be found.

This fund is used to help reunite people with their lost assets.

The act also sets out rules for how the funds in the special fund are to be used.

A portion of the funds will be used to help people in need, such as those who are struggling to pay bills or rent.

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The Dormant Bank and Building Society Accounts Act 2008 has made it easier for people to claim unclaimed money from their old bank and building society accounts.

In the UK, it's estimated that £1.3 billion is being held in dormant accounts, waiting to be claimed.

Under the Act, banks and building societies are required to review their accounts and identify those that have been inactive for 15 years or more.

This means that if you have an old account that you haven't used in a while, it's likely to be reviewed and you may receive a letter or email to let you know.

The Act also requires banks and building societies to try to contact the account holders to inform them about the unclaimed money.

If you're contacted, you'll have a certain amount of time to claim your money, usually 30 days.

The good news is that the Act has already led to over £500 million being returned to account holders.

If you're not sure if you have an old account that's eligible for return, you can contact your bank or building society to ask.

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