Unclaimed Bank Accounts:

Checking accounts or CDs at banks, or saving and loans can become abandoned if the rightful owner fails to communicate an interest in such over a period of time. This occurs fairly common due to a period of inactivity, a death of a family member, a name change due to a divorce or marriage. In some cases an individual in switching banks believe they have closed or emptied the account but left a balance in it.

The rules governing unclaimed bank accounts vary from state to state. But 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" (a fancy legal term for being transferred) to the State of one's last known address.

Even if the bank branch moved, failed or was part of a merger and changed names, a lost bank account can be retrived.The wave of closing and failed banks and saving & loans during the 1980s, resulted in the passing of the Financial Institutions Reform Recovery & Enforcement Act of 1989.

Our database contains millions of unclaimed bank accounts from every State and those lost bank accounts due to Bank failures that are NOT included in the States' online databases.

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