Significance

• The Act makes it so that the balance of funds that an individual has in a dormant bank account must be transferred to a reclaim fund. The owner of the account no longer has a claim against the bank for the balance of the account and must instead re-appropriate the balance from the reclaim fund.
  
  

Definition

• The Act defines a dormant bank account as one that has had no activity or transaction for a minimum of 15 years. An exception is allowed if the owner of the account has expressly told the bank to leave the account inactive for an extended period of time.
  
  

Function of the Reclaim Fund

• Money in the reclaim fund is part of the "Big Lottery Fund." This money is divided between England, Wales, Scotland and Northern Ireland and is used to pay government expenditures.