Many Halifax accounts 'dormant'

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Many Halifax accounts 'dormant'

Tue 27th Mar 2007

Almost 110,000 Halifax accounts in the UK remain dormant, the financial provider has announced.

According to Gareth Mackie, spokesperson for the group, the Halifax accounts total some £44 million in value.

Commenting on the dormant Halifax accounts, Mr Mackie said that sometimes "some customers can lose track of their finances".

He said that the group made concerted efforts to re-establish contact with the account holder.

"There is no fixed cut off point, but if a number of attempts to re-establish contact fail then the account is declared dormant after a period of months," he added.

The government is currently looking at ways of putting the estimated £400m in unclaimed bank deposits to better use.

About £250m should be spent on creating a 'social bank' to fund plans to tackle social and financial exclusion, the Commission on Unclaimed Assets has said.

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