Unclaimed Bank Accounts

20Jul/10Off

Unclaimed property is defined as any financial asset left inactive by the owner for a very long period. It includes bank accounts, stocks, bonds, mutual funds, matured or terminated insurance policies, payroll checks, and more.

All states in the United States have laws governing the reporting and claiming of unclaimed assets. The law states that the unclaimed property should be turned over to the state if the financial institutions or pubic agencies have no contact with the owner.

Also known as a dormant bank account, unclaimed bank accounts are defined as those accounts that lack transactions for a specific time period. To be more precise, the bank accounts are considered unclaimed or abandoned when the account holder fails to make a deposit or withdrawal over a period of time, basically from two to five years. They include deposits in the form of savings accounts, bank drafts, certified checks, and more.

After two years of dormancy, the bank at which the funds are located will try to contact the account holders with a notification made either by mail or by publishing the names in newspapers. If there is no reply from the owners, another attempt is made after five years; if there is still no response, the accounts are removed from the bank and are turned over to the government. Unclaimed money is held by the government until claimed.

In order to register claim, a claimant must provide personal information such as name, social security number, and proof of the current and all previous addresses, and proof of ownership. Even if the passbook is lost or destroyed, an account holder can recover an insured bank account that is left dormant for certain time span. If the owner is deceased, then the account can be claimed by a relative or a creditor.

Today, there are several private recovery agencies, tracers, and other third-party companies that offer help in recovering unclaimed properties .A fee is charged for their valuable services.

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