Bank accounts are considered
abandoned after the owner or heirs fail to 'communicate an interest' in
them. Failure to communicate an interest in a bank account can arise when
you do not make a deposit or withdrawal over an extended period (as little
as one year), when you fail to roll-over a CD, even when a statement or
other official bank correspondence is returned by the post office as
This often happens after the death of a family member, name changes following marriage or divorce, expiration of a mail forwarding order after a move, and even 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, with more than 1,400 banks and 700 savings
institutions closing between 1982 and 1992 alone.
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, IRA Individual Retirement Account, Certificate of Deposit (CD), safe deposit box or credit union account, go to:
|FDIC Failed Bank Closures|
|FDIC Failed Bank List|
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