Dormant Bank and Building Society Accounts Act 2008

Summary

This Act allows banks and building societies to transfer money from accounts that have had no activity for many years (typically 15+ years) to a scheme that uses it for social and charitable projects. Customers can still claim their money back at any time if they can prove they owned the account.

A vote to support means

—Supporting this Act means agreeing that money left unclaimed in dormant bank accounts should be used to help communities and charities. Supporters believe this gives forgotten savings a positive purpose while banks can still reunite money with its rightful owners if they come forward.

A vote to oppose means

—Critics worry that people might not be properly notified before their money is taken, or that they could struggle to reclaim their savings later. Some argue the money should stay with banks rather than being transferred elsewhere.

Cast Your Vote

People's Vote1 votes

0% Support · 0100% Oppose · 1

Bill Passage

Commons

1st reading27 Feb 2008
2nd reading6 Oct 2008
Committee stage14 Oct 2008
Report stage3 Nov 2008
3rd reading3 Nov 2008

Lords

1st reading7 Nov 2007
2nd reading21 Nov 2007
Committee stage10 Dec 2007
Report stage29 Jan 2008
3rd reading26 Feb 2008

Royal Assent26 Nov 2008

Full Bill Description(click to expand)

No description available

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