Answers about Inactive Accounts
When is an account considered inactive or unclaimed?
Generally an account is considered inactive or unclaimed when there is no customer initiated activity or contact for a period of three to five years. The specific period is based on the laws or rules of each state.
Each state has an unclaimed property program. Before sending the account balance to the state, the bank is usually required to try to contact the customer. Some banks publish the names of the account holder in a local newspaper. Some banks send a letter to the last known address of the account holder. The bank will turn over the account balance to the state if there is no contact from the account holder.
You can find more information on unclaimed property programs through the National Association of Unclaimed Property Administrators (NAUPU) at www.unclaimed.org and through your state unclaimed property office.