Banks & Building Societies- Dormant Account Management

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For many years, Banks and Building Societies have faced face significant challenges in the management of dormant accounts. Despite many account balances being less £100 the company still need to maintain a record of the accounts, where this is no opportunity to cross-sell products or generate additional revenue to this particular account base. With the exception of margin interest, provide no benefit to the company.

Additionally, following the implementation of The Dormant Banks & Building Society Accounts Act 2008, companies now have an obligation to transfer outstanding funds to the reclaim fund.

ProSearch offer a comprehensive set of services to assist financial institutions trace dormant accounts holders and/ or their representatives or beneficiaries that can be tailored to you needs.

Our service includes, as standard;

• Full Data Cleansing, enhancement and tracing services
• Mortality screening and executor/beneficiary tracing
• Bespoke Documentation designed to suit your needs
• Full Legal Document services including death & Marriage certificates, grants of representation and commissary records.
• Full outbound and inbound call campaigns (if required)
• Management Information services to the client

Working closely with you, we offer a streamlined service that enhances your reputation with your customers.

The Benefits to your company;-

• Reduced account record management costs
• Greater opportunity for product cross-selling and marketing
• Reduced opportunities for financial and identity crimes
• Re-establishment of the relationship between you and your client
• Reduced amounts paid to the reclaim fund
• Good public and customer relations in pro-active management of these accounts

For further details of our services, or to discuss your company’s specific requirements, please contact us or download our brochure.

Duncan Stevens
Head of Asset Reunification
Caxton House
22 St Johns Hill
Sevenoaks
Kent
TN13 3NP

T +44 (0)1732 748 154
M +44 (0)7843 228 988
E Duncan.stevens@prosearchassets.com