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"The programme was successful in reducing the number of unclaimed holdings. It was handled professionally and the documents were clear and easy to understand”
Philip Kershaw, Deputy Company Secretary, Bradford and Bingley plc

Bradford & Bingley Case StudyAsset Reunification
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Banking and Building Societies
 
Reactivate your dormant accounts, reunite customers with funds to which they are entitled to and retain deposits before payment into the ‘Reclaim Fund’.

Many people disregard small cash deposits in bank or building society accounts or change address without notifying the bank or building society. Bank accounts with larger unclaimed funds may become inactive because the account holder has died and left no record of their assets in the estate. Once these accounts have been inactive for a continuous period (typically 12 years), they become classified by the bank or building society as dormant.

The Dormant Bank Accounts and Building Societies Act (2008) created a voluntary scheme to use funds held in dormant accounts for charitable causes and other social initiatives. The implementation of a ‘Reclaim Fund’ and ‘Big Society Bank’ in the UK has created a framework for dormant funds to be transferred and allocated by the government.

The Commission of Unclaimed Assets, British Bankers Association (BBA) and Building Societies Association (BSA) support a proactive approach to contacting dormant account holders, the former stating that it is “important that a thorough reawakening exercise takes place prior to funds being transferred to a receiving body.”

Now is the ideal time to carry out an asset reunification programme to trace and engage dormant account holders before the Unclaimed Assets Scheme is fully implemented.

Georgeson has developed a fully managed outsourced solution for the banking and building society sector to reactivate dormant bank accounts by combining low cost Data Cleansing and Enhancement services with Specialist Research and Tracing and Asset Reunification. This proactive solution ensures that banks and building societies have made every effort to trace dormant bank accounts before any funds are transferred to the government reclaim fund.

Why Georgeson? »

Our service is designed to:

  • Make efforts to proactively engage dormant account holders and retain deposits before payment to a reclaim fund
  • Provide evidence of efforts made and an audit trail of steps taken before dormant funds are paid into a reclaim fund
  • Provide a proactive and fully managed service to reactivate dormant accounts and reunite your customers with any funds to which they are entitled
  • Keep your consumer databases current and up to date in line with DPA and FSA best practice guidelines
  • Improve customer and brand protection by reducing the risk of identity fraud against goneaway and deceased account holders
  • Update your consumer databases to subsequently improve the impact of communications and customer retention.

Solutions »

Our Banking and Building Society solutions include:

  • Data Cleansing and Enhancement to improve data quality and to ensure that your organisations consumer databases are current and up to date
  • Specialist Research and Tracing to enable banks and building societies to locate ‘goneaway’ members, meet regulatory obligations and reduce fraud risk
  • Asset Reunification to trace, engage and where applicable ensure that your account holders receive benefits to which they are entitled.

Next Steps »

To find out more about the Georgeson Asset Reunification Services please contact us using the details provided below.

James Devon > Head of Business Development, Georgeson Asset Reunification

james.devon@georgeson.com
+44 (0)870 7020316
+44 (0)7789 205 104

Alternatively, you can email us at assetreunification@georgeson.com.

Or if you prefer you can write to us at our main office address:

Georgeson Asset Reunification
2nd Floor, Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
United Kingdom