Answers about Inactive Accounts
What can you tell me about State Unclaimed Property programs?
Every State, plus the District of Columbia, has Unclaimed Property programs. Each State decides when a bank account is unclaimed. Most State programs look at whether there has been any customer-initiated activity or contact within the last three to five years. Each State sets the period.
Before sending the account balance to the State, the bank is usually required to try to find the customer. Some banks publish the names of the account holders in a local newspaper. Some banks send a letter to the last known address of the account holder. The bank turns over the account balance to the State if there is no contact from the account holder. This is known as Escheatment.
You can find more information on Unclaimed Property programs through the National Association of Unclaimed Property Administrators (NAUPU) or through your States’ Unclaimed Property Office.