Halifax has become the first UK bank to sign up with the Unclaimed Assets Register (UAR), operated by Experian, to find the holders of its Dormant Accounts.
In February, Halifax and the other HBOS brands - Bank of Scotland and Birmingham Midshires – announced they would be trying to reunite their customers with savings accounts and cash they didn’t know they had.
Now, Halifax has taken a further step and employed tracing agent Experian, to search for the customers who have been parted with their money, and once found, they will be notified about funds that they had either lost or forgotten about.
HBOS estimates it has around £50 million in dormant accounts, which belongs to around 110,000 customers. Of this total, around £44 million is held in Halifax accounts.
The accounts in question have been inactive for at least 15 years and many no longer have the correct address held, so this new service, which Halifax says will not cost customers a penny – will help to track them down.
"We are delighted to have appointed Experian as our tracing agents”, said Mike Regnier, head of savings at HBOS. “Their expertise in this field will enable us to locate the owners of far more accounts than we could reasonably achieve through our own enquiries."
And Keith Hollender, Managing Director of Experian's Investment and Professional Services and founder of the Unclaimed Assets Register said "HBOS has taken a significant step in tackling the issue of dormant accounts and should be applauded for being the first to make such a proactive move to trace owners at no cost to them."
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