Dormant/Lost Accounts

Progressive Building Society follows 10 core pledges in its efforts to assist account holders reclaim money held in dormant or lost accounts.  These are:


1.  After a period of account inactivity of 3 years we will write to the account
     holder's last known address asking whether the account should be kept
     active, unless mail has already been returned from that address.

2.  If a positive response is received from the account holder; the account will  
     remain active.

3.  If no response is received, the account will be treated as dormant and
     additional security procedures will be applied in order to prevent fraud and
     protect privacy.

4.  A record of dormant and lost accounts, including unclaimed assets, will be
     maintained in perpetuity.

5.  Dormant and lost funds will remain in the beneficial ownership of account
     holders and will continue to attract interest on the same basis as the preceding
     live accounts.

6.  Claim forms will be made available through the Society's branch network or 
     can be obtained via the Society's website, theprogressive.com, by using the
     link to www.mylostaccount.org.uk.

7.  Claims made direct to the Society or via www.mylostaccount.org.uk will be 
     processed as quickly as possible and, in any event, within 3 months.

8.  In the event of a valid claim the account holder will be advised of:

     -   the balance of the account
     -   the amount of interest that has accrued
     -   how the funds may be accessed

9.  The Society's commitment to assisting account holders reclaim money in
     dormant or lost accounts includes accounts falling within the statute-backed
     unclaimed assets scheme (the scheme).  The Society will include under the
     scheme any accounts which have been inactibe for 15 years or more. 
     Excluded from the scheme will be any inactive accounts where the account-
     holder has been in contact with the society during the past 15 years (including
     AGM voting) or it has been confirmed, by a check of the voters' roll, that the
     account-holder remains at the address held in the Societys' records.

10.  Account holders have the right to use the Society's Internal Complaints 
      Procedure in the event that they are dissatisfied with the handling of a 
      dormant / lost account claim.  If the account holder remains dissatisfied with 
      the Society's response the matter may be referred to the Financial 
      Ombudsman Service.

 December 2009