Unclaimed client account balances are sums of money which lie dormant in the client account of many companies, often untouched for years.
It may be that the rightful owner cannot be traced, or perhaps they will not provide instructions on how the funds should be dealt with.
Regardless of their age or origin, these balances can all be disposed of legally, cost-effectively and permanently – and put to good use to fund our important work saving lives and rebuilding futures. So far, close to £90,000 has been donated to Meningitis Now from dormant client monies.
Simple and approved
The process is simple and approved by the Solicitors Regulation Authority (SRA).
And to make it even more simple, we’ve produced a guide to donating dormant client account funds.
The guide has been prepared with the expert advice and pro-bono support from legal firm, Carter-Ruck, where Nigel Tait, one of our Business Ambassadors is Managing Partner. He supports us in memory of his daughter Georgia, who died from meningitis on her 18th birthday.
Important source of revenue
Nigel told us: “Donating unclaimed client account balances to Meningitis Now offers a practical way to put dormant funds to good use.
“These contributions can help fund research, raise awareness, and support people whose lives have been forever changed by meningitis.
“I would encourage firms with unclaimed client account balances to consider this option and download the guide to learn more.”
Steps to take
The guide includes:
- Guidance on the rules governing dormant client account balances.
- Steps a company should take to ensure they comply with SRA regulations.
- List of useful resources when trying to trace beneficiaries.
- Template letter for use when contacting client account holders about dormant accounts and the release of funds.
- Supporting template letter from Meningitis Now to send to the owner of the dormant funds.
- Instructions on how to donate balances to Meningitis Now.
Where the rightful owner of a dormant account cannot be traced, balances under £500 can be paid to charity without SRA permission. Amounts over £500 can also be paid to charity, providing SRA permission is granted.
More information is available in our guide, which can be read and downloaded here
