Dormant business bank accounts to be raided for Big Society Bank

The coalition government’s plans for a so-called “Big Society”bank  involve raiding dormant personal and business bank accounts to fund charitable works and other community projects, says Prime Minister David Cameron.

The PM recently launched two such community projects whilst  in Liverpool, citing the government’s efforts to breathe new life into society and additionally to challenge some to re-think their over-dependence on governmental aid.

Cameron stated that the current government needs to do away with any inefficient, bureaucratic, or centralised methods for providing services, in addition to encouraging UK citizens in fostering a culture of philanthropic pursuits and increased volunteer work.

Expected to be operational by early 2011, the so-called Big Society Bank will supply funding for Big Society schemes.  Working capital for the bank will be exclusively from what the banking industry refers to as “dormant” accounts.

Defined as lacking any activity initiated by their account holders for fifteen years or longer, dormant accounts are estimated to currently hold in excess of £400 million in untouched funds in the UK alone as interest rates tend to pile up more and more cash in these accounts.

Luckily for any Rip Van Winkle account holders who suddenly wake up and want to access their funds again, there is the ability for such an occurrence: if an account holder requests, the funds seized from their savings accounts and added to the Big Society Bank’s coffers can be returned to them.

Occasionally, banks will attempt to locate the account holders for any dormant accounts on their balance sheets, but any consumers who wish to initiate any searches on their own can visit a website that allows people to hunt down any abandoned, overlooked, or simply forgotten funds in bank accounts they may hold; go to mylostaccount.org.uk to begin your own search.

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