If there has been no customer generated activity for 3 years on an account it is classified as Dormant and we will attempt to contact the account holder(s).
Where our efforts to locate customers are unsuccessful we will maintain a permanent record of dormant and lost accounts including unclaimed assets so that we can reunite them in the future.
In the meantime, the balances in any such accounts 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, the British Banking Association, the 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.
The Government has decided that the money held in dormant accounts should be used to support various good causes and in 2007 introduced an unclaimed asset fund specifically for this purpose or alternatively, small societies are allowed their own scheme.
The Mansfield is a small regional building society and only a modest number of our savings accounts can be classified as dormant.
We have decided not to pay the remaining balance into the Government unclaimed asset fund and launched our own Community Support Scheme in 2007 to demonstrate our commitment to local good causes by supporting various charities, including the arts, youth schemes, disability groups, sports teams and more.
The Mansfield Building Society Community Support Scheme is funded entirely by us without using our investors’ unclaimed assets.