Buckinghamshire Building Society joins the Dormant Assets Alternative Scheme

Reclaim Fund Ltd (RFL), the HM Treasury-owned and FCA-regulated operator of the Dormant Assets Scheme (the Scheme), is pleased to welcome Buckinghamshire Building Society to the Alternative Scheme.  

Buckinghamshire join 5 banks and building societies already participating in the Alternative Scheme. Since the Alternative Scheme was first established for banks and building societies with balance sheets valued at less than £7bn in 2019, over £4.4m in dormant assets has been transferred to RFL. Of that, £2.64m has been donated to an aligned or local charity of their choice.

Much like the Main Scheme, the Alternative Scheme enables banks and building societies to transfer money from dormant current and savings accounts to RFL after a period of 15 years since the last contact with the account holder.

Buckinghamshire's participation in the Scheme is a significant step in encouraging other firms to join the Alternative Scheme, unlocking their otherwise dormant funds to help benefit their local community.  

Adrian Smith, OBE, Chief Executive, Reclaim Fund Ltd, comments:  

"We are delighted to welcome Buckinghamshire Building Society to the Alternative Scheme. Their participation was a great way to round off 2023, and we hope that their participation will pave the way for others to unlock the value of otherwise dormant funds, making a positive impact in their communities."

Dan Wass, CEO, Buckinghamshire Building Society, comments:

"We are proud to announce our partnership with the Reclaim Fund, marking a significant step forward in our commitment to social responsibility and community engagement. As a building society deeply rooted in mutual values, our decision to join the scheme is driven by a desire to harness the untapped potential of dormant account balances and channel these resources into initiatives that have a profound impact on local lives and needs. We look forward to seeing the positive transformations that this partnership will enable."

For more information on joining the Dormant Assets Alternative Scheme, please visit The Alternative Scheme | Reclaim Fund.