Dormant Accounts
Dormant Accounts Assets Scheme
Dormant Accounts
We are a member of the Dormant Accounts Assets Scheme, which uses money in dormant accounts to benefit causes throughout the UK.
The dormant accounts scheme was established by the Dormant Bank and Building Society Accounts Act. Participation in the Scheme by banks and building societies is voluntary. It enables participants to channel funds from dormant accounts towards good causes in the United Kingdom through an independent body called Reclaim Fund Limited (RFL).
More information is available here - https://www.gov.uk/government/publications/the-dormant-accounts-scheme
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When does an account become dormant?
A dormant account is an account where there has been no customer transactions carried out in over 15 consecutive years.
If all of your accounts become dormant, we will move the balance of the accounts into the Dormant Accounts Assets Scheme.
We will try to contact you in advance of your account being transferred so if you have moved address since your account was opened please contact us to ensure we have your most up to date address details. -
How do I stop an account becoming dormant?
If you are aware of an account that you haven’t used in a number of years and wish to stop it going dormant you simply need to process a transaction on the account (like a payment or a withdrawal).
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Who are Reclaim Fund Limited?
Reclaim Fund Limited (RFL) is a not-for-profit organisation, authorised and regulated by the Financial Conduct Authority (FCA) to receive and invest dormant account balances from banks and building societies who choose to join the Scheme, holding sufficient monies for future repayments for customers and transferring surplus funds for reinvestment in the community.
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What happens to the money in a dormant account after it is transferred to Reclaim Fund Limited?
From the funds that are transferred to RFL, RFL transfers these funds to Big Lottery Fund for distribution to good causes across the UK.
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How do I reclaim the funds from my Dormant Account?
If you wish to reclaim your dormant account balance you will need to complete the Dormant Account Claim Form and bring this with you to your nearest branch / business centre. You should also bring with you:
- a valid form of identification; and
- An old statement/passbook or any other supporting documentation.
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How do I reclaim the funds from a Dormant Account on behalf of someone else?
If you wish to reclaim a dormant account balance on behalf of another person (for example for a deceased relative) you can call into your nearest branch / business centre where you will need to present the completed Dormant Account Claim Form. You should also bring with you:
- a valid form of identification;
- An old statement/passbook or any other supporting documentation; and
- If reclaiming on behalf of a deceased individual, a Death Certificate/Grant of Probate.
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How does this affect my rights under the Financial Services Compensation Scheme?
Both AIB (NI) and RFL participate in the Financial Services Compensation Scheme (FSCS). The transfer by us to RFL of your balance will not adversely affect any entitlement you have to compensation from the FSCS.
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I think that I may have an account but I have lost my details, is there a way to locate any accounts I may own?
If you think you have an account with us but you do not have any statements or passbook please drop into your nearest branch / business centre where one of our staff will be able to help you. If you think you may have accounts with any other banks and building societies you can visit www.mylostaccount.org.uk. This is the official site set up by UK Finance, the Building Societies Association and National Savings and Investments, to help you find lost accounts.
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AIB Group (UK) p.l.c. is covered by the Financial Services Compensation Scheme, Financial Ombudsman Service and is a Registered Firm with The Lending Standards Board.
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