Dormant accounts

Yes, subject to our identity and anti-fraud checks, we’ll re-open the account* and restore the balance, plus any interest that would have been paid had the account been kept open, in accordance with the account Specific Terms.

Alternatively, we’ll repay the balance and interest to another account you hold in the UK. Any interest will be paid in accordance with the account Specific Terms. 

The documents that satisfy our identity checks can be found here. 

_{*We’ll re-open your account or the nearest equivalent account if it’s no longer available – and subject to satisfying our eligibility criteria for a new account.}

If you’re the personal representative or executor of a deceased account holder who had a dormant account that we closed, we can assist you with confirming the balance (including any interest) that may be claimed on behalf of the deceased member's estate. Please call us on 0800 121 8899.

We’ll usually ask to see the death certificate and may also need to see a copy of their last will (if one was made), or a grant of representation if one has been obtained. For balances over £50,000 we'll need to see the grant of representation.

We're here to help. If you've received notice from us saying that we intend to close a dormant account, if you think you had a dormant account that we've already closed or if you have any other questions, please contact us:

• Call us on 0800 121 8899
• Write to us at Oakfield House, PO Box 600, Binley, Coventry CV3 9YR
• Pop into your local branch.

When we close a dormant account, we use the money to support community and charitable organisations. How the money is shared depends on the account balance on the closure date. 

If the account has:

• Under £1,000 in it (excluding an ISA account), we’ll donate the money to our Charitable Foundation. Our charity partners currently include: 
  • Grapevine 
  • St Francis Employability 
  • Belgrade Theatre 
  • Age UK Coventry & Warwickshire 
• £1,000 or more in it (or an ISA account with any closing balance), we’ll transfer the money to the Dormant Assets Scheme, operated by the Reclaim Fund Limited. This is a voluntary scheme which over 45 banks and building societies use for dormant accounts. See below for details of how this scheme operates and protects your money.

Using the Dormant Assets Scheme for balances of £1,000 or more (and for all ISA account balances excluding Junior ISA accounts) means we can manage larger claims for the repayment of dormant account balances more efficiently for many years into the future (and comply with ISA regulations). We still repay the money directly to any dormant account holders that get in touch to ask to be repaid (or to have their account reopened), but we reclaim those funds from the scheme.

For dormant balances under £1,000 (excluding ISA accounts), where balances are transferred to our Charitable Foundation to manage donations to our local charity partners, we meet any future claims for repayment from our own reserves without any involvement by the Dormant Assets Scheme. Our Charitable Foundation funds some fantastic local projects, all of which are aligned to our community themes of Better Futures, Better Foundations and Better Connections.

If we’re asked to repay funds that were held in a dormant account, the account’s terms and conditions will determine any interest we pay on the balance since the closure date. There are no charges or deductions applied because of us using the Dormant Assets Scheme, or to cover our costs of repaying the money or reopening an account.

Whenever we close a dormant account, your Society membership rights are preserved if you qualified for them on the date of account closure, but we may stop sending you member notices, such as AGM voting packs. 

If you ask us to re-open a dormant account (or the nearest equivalent account) your membership rights will continue in accordance with the current terms and conditions for the account.

If you think you may have a dormant account with another bank and building society, there is a free service available to help you find them. My lost accounts uses three tracing schemes to help locate any lost accounts or savings:

1. UK Finance (UKF)
2. Building Societies Association (BSA) 
3. National Savings and Investments (NS&I). 

We voluntarily participate in the Dormant Assets Scheme (‘the Scheme’). The Scheme was established by the Dormant Bank and Building Society Accounts Act 2008. This was then updated and expanded by the Dormant Assets Act 2022 (known together as 'the Acts').

The reason for the Scheme is to:

- protect your rights or those of your beneficiaries to reclaim money you hold with us at any time; and

- make sure the money in dormant accounts, also referred to as ‘dormant assets,’ which is not needed to cover future reclaims can be distributed to social and environmental causes that benefit communities across the UK.

Under the Scheme we may transfer dormant account balances to Reclaim Fund Limited (‘RFL’). RFL is a not-for-profit organisation which is authorised and regulated by the Financial Conduct Authority (‘FCA’).

If your account balance is transferred to the Scheme, RFL is legally responsible to pay back the full amount if you or your beneficiary reclaim the money. Coventry Building Society are responsible for managing all aspects of the relationship with you including handling all repayment claims. You should continue to contact us if you have any queries or complaints in relation to your account or balance. We do not provide RFL with individual personal data, such as your name, account number etc.

The transfer of your money to RFL does not in any way affect your membership rights with us.

As indicated above, your money will continue to be protected. If RFL is, or looks likely to be, unable to meet its responsibility to repay a dormant account balance that is owed to you or the beneficiary, HM Treasury would assess the most appropriate course of action. This may include the use of a loan to RFL to make sure that you can be reunited with your money.

If you’re not happy with our service, please let us know. We take care to deal with problems quickly, thoroughly, and fairly. If you’re still not satisfied when we’ve finished our complaints procedure, you can take your complaint to the Financial Ombudsman Service. For more information about the Ombudsman Service, visit their website: financial-ombudsman.org.uk.

For further information on RFL and the Scheme, please visit RFL's website at www.reclaimfund.co.uk.