Vernon Building Society joins the Dormant Assets (Alternative) Scheme

Reclaim Fund Ltd (RFL) is pleased to welcome Vernon Building Society to the Dormant Assets (Alternative) Scheme. They will be joining 7 other building societies who already participate in the Alternative Scheme, including Buckinghamshire Building Society, whose participation was announced earlier this month.  

 We are thrilled that the Alternative Scheme continues to grow, allowing even more banks and building societies with balance sheets valued at less than £7bn the opportunity to unlock the value of dormant to help benefit their local communities. Participating banks and building societies transfer a portion of the value of their dormant accounts to RFL to cover future reclaims, which RFL guarantees in perpetuity. Participants transfer the rest of the money to one or more charities of their choice. 

Steve Fletcher, CEO, Vernon Building Society, comments:  

“In our centenary year, we’re pleased to join the Dormant Assets Scheme and launch our Charitable Foundation. As a mutual building society, our Members and their communities have always been at the heart of what we do. Now, our Charitable Foundation, with funds from dormant assets, can make even more of a difference with the not-for-profits doing incredible work, which we believe really matters to our Members.” 

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

“We are delighted to welcome Vernon Building Society to the Alternative Scheme, our second Alternative Scheme announcement this month. This marks an incredibly positive start to 2024. We look forward to working with Vernon and to hearing about the impact of dormant assets in the communities that Vernon serves. We hope that their participation also paves the way for others to unlock the value of otherwise dormant funds and make a positive impact in their communities.”  

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