We have joined the Dormant Assets Scheme

We are pleased to share that Bath Building Society has become the latest Society to join the Dormant Assets Scheme, partnering with Reclaim Fund Ltd to unlock the value of otherwise dormant accounts for social good.

The Scheme allows dormant assets to be channelled into social and environmental causes, while safeguarding the right of customers to reclaim their funds in full at any point.  

We have joined the Alternative Scheme for smaller banks and building societies, which means we can direct dormant funds to local causes through a community foundation administered by Quartet Community Foundation in Bath.

Richard Ingle, Chief Executive of Bath Building Society, said:

“Joining the Dormant Assets Scheme is a practical way for Bath Building Society to ensure money that has been left untouched for a long time can still do good in the communities we serve. Importantly, customers and Members can reclaim their funds in full at any time, and their rights remain fully protected. We’re pleased to be partnering with Reclaim Fund Ltd and, through the Alternative Scheme, to be able to direct any dormant funds we transfer into local causes via our community foundation.”

The Dormant Assets Scheme enables banks and building societies to transfer funds from long inactive accounts so they can be reinvested into social and environmental initiatives across the UK, while ensuring customers’ rights to reclaim their money at any time are fully protected.