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{{g}}You would like to think in this enlighted age this would not need saying but it does so we will: a deposit in a [[bank account]] constitutes a [[debt]] owed by the [[bank]] to its [[customer]]. The bank is free to use the deposited [[money]] received from customers however it likes<ref>Yes yes yes — keeping some aside under prudential rules to keep an adequate capital base.</ref> the bank remains liable to repay the debt to its customer '''indefinitely'''. Unclaimed bank deposits | {{g}}You would like to think in this enlighted age this would not need saying but it does so we will: a deposit in a [[bank account]] constitutes a [[debt]] owed by the [[bank]] to its [[customer]]. The bank is free to use the deposited [[money]] received from customers however it likes<ref>Yes yes yes — keeping some aside under prudential rules to keep an adequate capital base.</ref> the bank remains liable to repay the debt to its customer '''indefinitely'''. Unclaimed bank deposits aren’t covered by the [[Limitation Act 1980]] — if you never ask for your money, the limitation period never begins to run — so banks are faced with a perennial problem with “[[gone-away client]]s”. | ||
Enter the [[Dormant Bank and Building Society Accounts Act 2008]], which allows the [[bank]] to cancel its liability to repay a customer by transferring the balance of a dormant account to a reclaim fund. The customer’s doesn’t lose its rights altogether: they are can be exercised instead against the reclaim fund. | Enter the [[Dormant Bank and Building Society Accounts Act 2008]], which allows the [[bank]] to cancel its liability to repay a customer by transferring the balance of a dormant account to a reclaim fund. The customer’s doesn’t lose its rights altogether: they are can be exercised instead against the reclaim fund. |