Thousands risk losing windfall rights

THOUSANDS of former mutual members could miss out on windfalls worth £14.4m - unless they stake their claim in the next three months.

Halifax said it is sitting on unclaimed shares in Birmingham Midshires, the building society it took over three years ago, and on unclaimed cash distributions.

The bank will sell any shares that have not been claimed before 24 July 2002. The proceeds, along with dividends that have been paid, will be held for nine years, after which time investors will lose their right to the money. Those who have not claimed cash windfall entitlements by 24 July will lose them.

Around 19,000 former members have still to claim their shares, worth a total £7.6m - an average of £390 per person. And 6,900 people have not claimed their cash distribution, worth an average of £1,000 each. Harry Baines, company secretary, said: 'People who qualify for shares or cash distribution and have not yet claimed their allocation should do so within the next three months'.

Anyone who had a savings account with Birmingham Midshires with more than £100 in it at the end of 1997 is entitled to 400 shares, while members who had a balance of £100 in October 1998 and had been a member since 1995 could claim £400 in cash. Borrowers with at least £100 outstanding at the end of 1997 also qualified for 400 shares.

Were you a former Birmingham Midshires member before the Halifax transfer in 1999? If so, you might have a claim. Visit the Birmingham Midshires website here to find our if you're eligible for a windfall. Or call 01902 325 914 to request a windfall claim information pack and application form.