There are millions of dollars sitting in unclaimed bank accounts throughout the country, and most account holders aren’t even aware of it. Even if you had a few hundred dollars in an old account, wouldn’t you like to know about it so you could claim your cash? According to the FDIC, unclaimed funds are those that have not been touched in years. Eventually, the money gets handed over to the state until the owner comes forward.
If you have old bank accounts, unclaimed money might be waiting for you to claim! Learn how to search for inactive accounts and how to claim an unclaimed bank balance below.
If you’re like most Americans, you have a lot on your plate. It’s easy to forget about old bank accounts. But the money in these forgotten accounts doesn’t just disappear, it becomes “unclaimed,” meaning the original owner can’t be easily located.
If you forget to make deposits or withdrawals, the account becomes “dormant” or inactive. According to inactive bank account rules, once a dormant bank account sits inactive for a certain period of time – usually between 1 and 5 years – the bank is required to turn the money over to the state.
These unclaimed bank accounts combine for millions of unclaimed dollars each year!
Sometimes, an inactive bank account is simply due to the fact that you moved, and the bank is not available in your new state. If you never close the account, and it is still in your name, it will eventually become inactive after years of inactivity.
If you have an unclaimed bank balance, your bank will typically try to contact you before giving it to the state. But there are a few reasons why your bank may not be able to reach you, like:
- The bank does not have your most recent address.
- Your name changed.
- The bank or credit union no longer exists.
Once the state has your money, it’s up to you to search for it and claim it.
In most cases, states will not try to contact you regarding old bank accounts. That’s why it’s important to check frequently. You never know when an old account might pop up on the state’s radar!