Law on the building society dormant bank accounts 2008

Sleep and building society accounts management, the a piece of legislation that is 2008 adopted by the British Parliament. The law deals with procedures for processing the transfer of funds from one bank account dormant. SignificanceThe makes it so that fund balance should be transferred in dormant bank accounts to fund Recovery Act. No plan account owner has a claim against the Bank for the balance of the account and instead balance recovery must fund.DefinitionThe law a bank account designated dormant no activity or transaction for a minimum of 15 years having. An exception is permitted only if the owner of the account expressly said bank account leave long inactive part which is "Big Lottery Fund" for a period of time.Function FundMoney in Recovery Fund. This money is divided in England, Wales, Scotland and Northern Ireland and is used to pay Government spending.