Big Lottery Fund has received the first £30m from dormant bank and building society accounts.

Reclaim Fund Ltd was established in March by Co-operative Financial Services on behalf of the banking industry to receive and reinvest dormant bank account funds and expects to distribute between £60m and £100m throught the Big Lottery Fund in the first year.

Paul Mills, executive director of Reclaim Fund Ltd said: “I’m delighted that we have been able to meet our initial expectations by making our first transfer to Big Lottery Fund this month and look forward to further distributions later in the year as more banks and building societies join the scheme.”

Customers can still reclaim money in dormant accounts by contacting their bank or building society or by visiting www.mylostaccount.org.uk.