When is a deposit account considered inactive or unclaimed?
Generally, an account is considered inactive or unclaimed when there is no customer-initiated a ctivity or contact for a period of three to five years. The specific period is based on the Escheatment laws 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) or through your states’ Unclaimed Property Office.