Dormant account campaign steps up

Halifax is stepping up its campaign to reunite customers with their dormant accounts as the Dormant Accounts Bill makes its way through parliament.

The bank has so far found 7,200 customers who had not used their account in 15 years, reuniting them with over £16.6 million.

Although many of these dormant bank accounts may only have a small sum in them, some contain thousands of pounds.

On average, the customers Halifax tracked down received a balance of £2,326. In addition, 68 per cent of accounts with balances over £50,000 have now been reunited.

However, there is still £30.6 million left to reunite - over 152,000 accounts.

In September, the bank is stepping up its quest to find dormant-account holders. HBOS-owned Halifax will undertake a regional campaign targeting areas of the UK with high numbers of dormant accounts.

In partnership with Experian, Halifax will write to customers, undertake regional press and MP briefings as well as placing local adverts calling on consumers to respond.

Halifax will be increasing resources to deal with the renewed interest from those people who believe they may have dormant funds.

Tony Wilcox, head of savings at Halifax, said: "We are pleased with our reunification progress so far. We have reunited more than 7,200 customers with over £16.6 million, we do however still have lots to do."

Halifax will be targeting dormant account hotspots including Liverpool, London and South Yorkshire.

The Dormant Accounts Bill is expected to pass into law by the end of 2008 and will establish a scheme that allows money from unclaimed assets in dormant accounts to be distributed to worthwhile causes. This new scheme is expected to become operational during the first six months of 2009.