Dormant accounts

What is a dormant bank account?

Dormant accounts, also known as inactive accounts, are savings accounts with us that have been inactive for 15 years. This means that there’s been no transactions in or out of the account during that time. Interest will still have accumulated and applied to the account. 

Once an account is in ‘dormancy’ you’re unable to use the account until we’ve been able to verify your details. This is to help protect you and your account from potential fraud.

However, your money is protected and can be reclaimed at any time, once we’ve seen your ID.

 

How do I reactivate or close my account?

To reactivate or to close your account, we’ll need to see two forms of ID.

You can pop into one of our stores with your identification as soon as possible or you can send certified copies in the post to: FREEPOST THE CAMBRIDGE BUILDING SOCIETY

If you’d like more information or have any questions please call us on 0345 601 3344

 

What do we do with dormant funds?

We participate in the Dormant Assets Scheme, also known as the Unclaimed Assets Scheme, established under the Dormant Bank and Building Society Accounts Act 2008. It’s a UK Government programme which aims to reunite people with their financial assets. Where this is not possible, the dormant funds go towards social and environmental initiatives across the UK. So far, we’ve used dormancy funds to help local groups, charities and organisations who need financial support with their work to tackle home and housing needs.

Find out more about our Community Fund and how we're Making the Difference to help people have access to shelter and housing by participating in the Dormant Assets Scheme

 

More about the Dormant Assets Scheme

The Dormant Assets Scheme is administered by Reclaim Fund Ltd (RFL)

Under the scheme, we may transfer balances of dormant accounts to Reclaim Fund Ltd (RFL). If we transfer the money in your account to RFL, you can still reclaim it. Simply pop into store with your ID, as mentioned above, and we’ll manage the process in reclaiming your money. 

The Cambridge and the RFL are part of the Financial Services Compensation Scheme (FSCS). If we transfer your money to RFL, it won’t negatively affect any entitlement to compensation from the FSCS.