To make this easier, use money management software. Shift the funds to another account to make it less of a worry. Review your bank accounts regularly.īy doing this, you can identify which accounts to close to becoming officially inactive. If you happen to have unclaimed property held by the state, you can begin the retrieval process by visiting Avoid Letting Your Accounts Go Dormant 1. You'll need to complete and submit a claim form along with the necessary identification. To reclaim your money, you will have to contact your state for the instructions on how to get your money back. Once the account is sent to the state, the funds are held as unclaimed property. In a process that is called “escheating” an account, banks are required to turn over funds from the inactive account to the state treasury. The bank turns the account over to the state. If the customer does not respond within a certain amount of time, the balance on the account will be turned over to the state. An attempt is made to contact the account holder.īefore sending the account to the state, the bank must try to notify the account holder. The amount of time that must lapse depends on the state in which the bank account was opened.
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