Lloyds Banking Group reuniting customers with dormant funds

Lloyds Banking Group has announced a proactive drive to locate customers with dormant funds in accounts across the UK. The proactive reunification activities, which will be funded by the Group, build on last year's reunification campaigns by both Halifax and Lloyds TSB. The dormant funds are held in savings, current accounts and business accounts across the Group.

Lloyds Banking Group will undertake a range of activities. They include a tailored, new advertising campaign alongside continued use of expert external tracing companies.

A Group effort

The Group has reunited customers with £23 million to date. At the start of 2009, the amount held in dormant accounts totaled £93 million.

Peter Jackson, Managing Director, Consumer Banking at Lloyds Banking Group said, "A key priority for the Group is to offer initiatives specifically designed to help our customers. In challenging times reuniting customers with dormant funds could prove a welcome boost to many.

"We have a significant task ahead to reunite our customers with their money. We will be undertaking several sets of proactive activities designed to make customers aware that this money is available for them to claim."

Full contact information can be found via the Lloyds Banking Group website. lloydsbankinggroup.com/customers.asp

Government Legislation

On the 26th November 2008, the Dormant Bank and Building Society Accounts Act was given Royal Assent, almost a year after it was first introduced to Parliament. The Act will require organisations to transfer money from dormant accounts into a central fund which will be used to support a range of community projects throughout the UK.

Dormant accounts are classed as having been inactive for at least 15 years and many no longer have the correct address held, so contact with the customer has been lost.

The Treasury has appointed the Big Lottery Fund to distribute money for social and environmental purposes. It is envisaged the fund will come into fore in the second half of 2009.