FDIC Failed Bank Closures
Bank accounts are considered abandoned after the owner or heirs fail to 'communicate an interest' in them. This occurs when you do not make a deposit or withdrawal over an extended period, when you allow a CD to automatically rollover, and when a statement or other official bank correspondence is returned by the post office as undeliverable.
Typically this occurs after the death of a family member, name changes following marriage or divorce, expiration of a mail forwarding order after a move, and as a result of computer and clerical errors.
Did you or a family member have unclaimed money at a bank that moved, changed its name or closed? Don't assume that because your bank, savings and loan or credit union no longer exists that unclaimed funds are lost forever. Your savings account may have been transferred to a another bank or a government custodian after a merger or acquisition.
Even if your bank failed and closed its doors, you may still be entitled to collect insurance proceeds - currently up to $250,000 per account - from government regulators including the NCUA and FDIC.
There has been at least one bank failure every year since operations began. During the Savings & Loan Crisis of the 1980s, 2,100 banks closed. Since the start of the Great Recession in 2008, there have been almost 500 bank failures.
Unclaimed bank accounts may be recovered after years of inactivity, even if a passbook is lost or destroyed, but you must act promptly to safeguard your rights, as many claims are subject to time limits.
To trace an unclaimed bank account go to: Bank Account Search
To trace a missing IRA Individual Retirement Account go to: IRA Search
To trace a missing safe deposit box go to: Safe Deposit Box Search
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