Lost Bank Accounts

Lost bank accounts, commonly known as dormant accounts, are defined as accounts that have become stale or lack the necessary transactions for it to remain active. It becomes a lost bank account when the owner fails to deposit or withdraw from the account within a specified period provided for by the laws of his or her state.

Deposits may come in the form of certified checks, savings accounts, bank drafts, and more. After two years of remaining in dormancy, notifications will be sent by the bank to the account holders either by mail or through publication in a newspaper of general circulation. In the meantime, unclaimed bank accounts remain in the safekeeping of the state until claimed by the rightful owner.

Unclaimed property, which includes lost bank accounts, is defined as any financial instrument that is left in a dormant or inactive state for a very long period of time. These assets may include matured or terminated insurance policies, mutual funds, stocks, bonds, gift certificates, payroll checks, and more.

All states in the United States have laws which cover the proper recovery on escheat property and how to claim dormant assets, including unclaimed bank accounts. The law dictates that the states return these assets within a specified period of time.

In registering your claim for an unclaimed bank account, the owner must provide personal information like full name, proof of residence, social security numbers and of course proof of ownership. There are also third-party companies and private recovery agencies that can help you file your claim for a minimal fee. If the passbook is lost or destroyed then other additional requirements might be asked of by the agency. A relative or interested creditor with preference under the law might also file the claim should the owner be dead.

The internet is also a good place to search for if you have any lost bank account in the custody of the state. There are reliable search engines that derive its information from the government’s databases to better aid its citizens in looking for unclaimed property. It saves you ample time and saves on expenses as well. So what are you looking for? Find out if you have any lost bank account today.