A dormant bank account costs financial institutions money. For several reasons, banks prefer to avoid accounts without activity from becoming escheated funds. Consequently, we find your missing bank account owner.
For example, in California, checking, savings, and brokerage accounts have the same rule. They must see no activity for at least three years to be considered dormant.
These funds are turned over to the government after a specific elapsed period of time. So, if your money is sent to the state, there is a process to get it back. The owner or beneficiary now must file a claim and prove rights to the unclaimed money.
You can search for unclaimed funds here.
In the first place, banks don’t want dormant accounts for many reasons.
*All dormant accounts cost financial institutions money. Regulators require banks to keep the account records. Also they must send statements to the account owner.
*And often those statements are returned due to incorrect addresses. This requires additional effort from the institution. These minimal costs add up significantly when they involve hundreds of accounts.
*In addition, a dormant account is vulnerable to fraud and phishing scams. Frauds can use these exposed records for illegal transactions. That includes money laundering. Any of these scams could land a customer in serious trouble.
*Banks want to reconnect with dormant account owners to reinstate banking relationships.
Financial institutions ordering for the first time, please click Register at the top of this page.
Current clients can order here now.