BBA supports dormant account plans

Government plans to use unclaimed savings and money held in dormant current accounts for community projects have been praised by the British Bankers’ Association (BBA).

The government has said that money which has lain dormant in accounts for more than 15 years may be taken and used for public purposes.

A spokeswoman for the BBA said the body “applauds” the plans, so long as the money is used to make “a positive difference in the community”.

“Our members are fully committed to working closely with the Government to make the unclaimed assets scheme a success,” she added.

According to the BBA, it is now handling more than 400 requests a day from claimants who do not know which banks they have savings accounts with.

When plans to reclaim dormant money were first announced last year, Halifax revealed it was holding more than £44 million in such accounts.

© Adfero Ltd

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