Dormant Savings Accounts
Savings balances held by banks and building societies are classified as "dormant" when there has been an extended period of inactivity on the account (i.e. no transactions) and the account holder(s) has not contacted the building society or bank throughout the period of inactivity.
The Government has decided that the money held in dormant accounts should be used to support various good causes and has introduced an unclaimed asset fund specifically for this purpose.
The Mansfield is a small regional building society and only a modest number of our savings accounts can be classified as dormant. Nevertheless, over the course of the last 12 months we have undertaken an extensive reunification programme designed to locate savers who hold savings in dormant accounts. As a result of this ongoing exercise we have successfully reunited a significant number of these accounts with their owners and only a small number of low value accounts remain classed as dormant. As a result of this success, we have decided not to pay the remaining balance into the unclaimed asset fund. We are not seeking to profit unfairly from this course of action as we believe our Community Support Scheme launched in 2007 provides ample evidence of our commitment to local good causes by supporting various charities, the arts, youth schemes etc. The Community Support Scheme is funded entirely by The Mansfield Building Society without using our investors' unclaimed assets.
Where our efforts to locate savers have been unsuccessful we maintain a permanent record of dormant and lost accounts including unclaimed assets so that we can reunite members with their dormant savings in the future. In the meantime, the balances remain in the beneficial ownership of the customer and continue to attract interest at the appropriate rate.
Our General Account Terms and Conditions booklet provides details of our approach to dormant accounts and how an investor can claim. Claims forms can be obtained through our branch network, central institutional points, British Banking Association, Building Societies Association, National Savings & Investments or from http://www.mylostaccount.org.uk
Claims made direct to individual firms or via http://www.mylostaccount.org.uk will be processed quickly and in any event within three months.
In the event of a valid claim the customer will be advised of the balance of the account, the amount of interest that has accrued if the account is interest bearing and how the customer can access the funds.
You have the right of appeal through our internal procedures and, ultimately, by recourse to the Financial Ombudsman.