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Dormant Bank and Building Society Accounts Act 2008

Consolidated Text As Enacted Cited authorities 32 Cited in Amendments 36 Related
Vincent
JurisdictionUK Non-devolved
Citation2008 c. 31
Year2008
a bank or building society transfers to an authorised reclaim fund the balance of a dormant account that a person (“the customer”) holds with it, andthe reclaim fund consents to the transfer.the customer no longer has any right against the bank or building society to payment of the balance, butthe customer has against the reclaim fund whatever right to payment of the balance the customer would have against the bank or building society if the transfer had not happened.constitute a breach of trust or fiduciary duty affecting the balance, orgive rise to any other liability of any kind (whether against the transferring bank or building society, the reclaim fund or any other person involved) , other than the liability of the reclaim fund arising by virtue of subsection (2) (b) .(3) The reference in subsection (1) to an account that a person holds is to be read as including an account held by a deceased individual immediately before his or her death.In such a case, a reference in subsection (2) to the customer is to be read as a reference to the person to whom the right to payment of the balance has passed.a smaller bank or building society transfers to an authorised reclaim fund an agreed proportion of the balance of a dormant account that a person (“the customer”) holds with it,the bank or building society transfers the remainder of that balance to one or more charities,is a charity that the bank or building society considers to have a special connection with it, orundertakes to apply the money in question for the benefit of members of communities that are local to the branches of the bank or building society,the reclaim fund consents to the transfer to it, andthe charity, or each of the charities, consents to the transfer to it.the customer no longer has any right against the bank or building society to payment of the balance, butthe customer has against the reclaim fund whatever right to payment of the balance the customer would have against the bank or building society if the transfers had not happened.(3) The reference in subsection (1) to an account that a person holds is to be read as including an account held by a deceased individual immediately before his or her death.In such a case, a reference in subsection (2) to the customer is to be read as a

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