The Alternative Scheme enables building societies and banks with balance sheets valued at less than £7bn 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.
By doing so, a participant’s liability for customer reclaims is transferred to RFL. RFL (in compliance with the Bank and Building Society Accounts Act 2008 to and the Dormant Assets Act 2022) ensures that the account holders’, or their beneficiaries, right to reclaim their money at any time, is protected in perpetuity. Account holders reclaim their funds from the organisation with which they held an account, which is in turn reimbursed by RFL.
Organisations that choose to participate (‘participants’), transfer an agreed proportion of the value of eligible dormant accounts to RFL to meet future reclaims. They can then use the remainder to support their chosen charities. Many participants use this money to fund a Foundation or other local charities that meet their social purpose and directly support the communities of which they are a part.
RFL welcomed Newcastle Building Society as its first participant of the Alternative Scheme in May 2019.
Current Participants:
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How the Alternative Scheme works
To find out more about joining the Alternative Scheme please click here.