Dormant accounts project 'a success'
Halifax's dormant accounts scheme has successfully reunited 7,200 people with long-lost funds, the firm has said.According to the bank, around £16.6 million has been transferred back to its original owners - an average of £2,300 a time.The scheme was introduced by Halifax in advance of new government legislation, which requires all monies in accounts which have remained untouched for over 15 years to be transferred to a central fund.From here, the money is then used to fund community projects - although its owner can still claim back at any time.Commenting on the scheme, head of savings at Halifax Tony Wilcox said: "We are pleased with our reunification progress so far we do however still have lots to do."Further figures from Halifax show that, of all dormant accounts holding over £50,000, 68 per cent has been successfully transferred away.Other firms are also proceeding with dormant accounts schemes before the legislation is introduced.
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