Halifax is launching a national campaign to urge customers to claim money that has been left in dormant bank accounts. It is the first financial services institution to launch this kind of campaign.
The ads follow plans announced by Chancellor Gordon Brown in the 2005 pre-budget report, that accounts that have not been used for over 15 years would be classed as "dormant". The government is expected to launch a scheme to use unclaimed cash to fund good causes identified by the Treasury, although customers will retain the right to reclaim their money.
Halifax, which is part of Halifax Bank of Scotland, the UK’s largest savings institution, says approximately £44m is held in around 110,000 old and unused savings and bank accounts.
It has pledged to mail dormant account customers, as well as launching a national and regional press campaign. There will also be in-store advertising and claim forms in all Halifax and Bank of Scotland branches and online. A campaign for the HBOS-owned Birmingham Midshires is also being launched.