Do I have unclaimed money or property?
You just might!
Checking accounts, savings accounts, or CDs at banks can become abandoned if the rightful owner fails to communicate an interest in the accounts over a period of time. This period of inactivity is referred to as a “dormancy period”. This can happen when there is a death of a family member or when a name change occurs due to a divorce or marriage. In some cases when someone changes banks they believe they have closed or emptied the account but actually left a balance in it.
In general, after about two years without any activity (one made no withdraws or deposits or haven’t cashed a check) and after the institution’s efforts to reach you fail, the property will be considered abandoned and will escheat. Escheat is when the property is transferred to a state or government agency, making the state or agency the legal custodian of the funds until the owner or heir submits a claim.
If you’re looking for unclaimed money or other unclaimed property, be it a utility deposits, forgotten bank accounts or other misplaced funds, click on the following link, select your state, and complete a search using your last name. It’s quick, easy, and free!
You’ll be shocked by how much unclaimed money is held by the states.