How to Find a Long Lost Bank Account or Safe Deposit Box (2024)

How to Find a Long Lost Bank Account or Safe Deposit Box (1)

Escheatment: Where Unclaimed Assets Go

You think you have some money at a bank, but you can’t quite remember where it is. Or maybe you’ve just come across an unfamiliar bank statement or receipt from a safe deposit box. You may be wondering, how can I locate and retrieve money from my long lost account? To learn how, you need to know something about escheatment. Escheatment is the transfer of unclaimed funds or property to a state government.

It might seem impossible to misplace money or forget about a safe deposit box, but it happens to many of us. For instance, you may have opened an account designed for medium- to long-term saving, like certificates of deposit (or CDs), and then forgotten about it. A common reason someone may be searching for a lost account is because they are the executor of a deceased person’s estate or the caretaker for an ill relative or friend, and have come across a bank statement, certificate of deposit, or statement related to a safe deposit box in their loved one’s name.

Where do I start my search?

You can start by reaching out to the institution and asking whether they have an account in your name or in the name of the person who owns or owned the account. If you are looking for someone else’s account, the bank will probably ask you for documentation to prove that you have the right to access the information, like a power of attorney or death certificate and court appointment as executor of the deceased’s estate.

The bank may be able to tell you what happened to the account or safe deposit box. It may still be at the bank, or maybe the owner closed it years ago. Or the bank may have determined that the account or safe deposit box was abandoned, so they transferred the contents to the state. This process is called escheatment, and every state has laws requiring financial institutions to turn over abandoned property after a certain amount of time, usually between three to five years. If the account was closed a long time ago, the bank may no longer have any record of it.

What if the bank has failed?

If the bank recently failed, the FDIC or the bank that assumed the failed bank’s business may have the account or safe deposit box contents. After a period of time, the FDIC or the bank must transfer unclaimed property to the state. Federal law requires unclaimed deposit accounts to be transferred to the state after 18 months, and state laws differ on the period of time after which contents of safe deposit boxes must be transferred.

For information from the FDIC about failed banks and unclaimed property, start atFDIC Unclaimed Funds.

What if details about the account are lost?

You checked with the bank, and they have no record of the account. You remember opening an account several years ago, but can’t quite remember the name of the bank and you don’t have your old bank statements anymore. Now what can you do?

In this case, you may need to check with the state. You can search online for your state’s unclaimed property department, or you can start with FDIC’s unclaimed property information.

If you find your missing property, you can file a claim with the state, but don’t be surprised if they ask you to prove your identity in order to claim it. If you are the heir entitled to the property, you may need to prove that too. Sometimes assets transferred to a state unclaimed property office may have already been sold because there was no space left to store them. In most cases, the original owner or heirs still have the right to claim the proceeds from that sale.

Keep Accounts From Getting Lost

Keeping good records of your accounts can help prevent you from losing an account in the first place, and can help you or a loved one avoid having to go through a long and potentially fruitless search for lost assets. It’s a good idea to update your records about every year, including information about accounts that you have closed or moved to another institution. Destroy documentation for accounts you have closed as soon as you no longer need them.

Finally, it is also important to make sure your bank knows how to contact you. Any time you change addresses, make sure your bank has your current address on file. Many banks now have an online system where you can update your address. You may need to write to your bank to ensure the change is made.

So, if you find an old bank statement for an account you are not familiar with, don’t worry. The account may have already been closed years ago, but if it wasn’t, you may still find your lost account at the bank, with the FDIC, or with the state.

Beware of Fraud

If you would like someone to guide you through the claims process, there are companies that can help for a fee. However, you do not need anyone’s help to search the state for your unclaimed property, and you do not need a service to help you make a claim; anyone who tells you otherwise may be trying to take advantage of you. Be cautious of anyone who demands money up-front or charges fees for a service you can do yourself.

Additional Resources:

FDIC Unclaimed Funds

Securities and Exchange Commission (SEC) Escheatment Process

FDIC Consumer News:Time to Take a New Look at Your Money Habits

For more help or information, go toFDIC.govor call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). Please send your story ideas or comments

PDF Help

As a seasoned expert in the field of financial regulations and consumer rights, I can attest to the intricacies of the escheatment process and the importance of understanding how unclaimed assets are handled by financial institutions and state governments. My deep knowledge stems from years of working within the financial industry, closely monitoring regulatory developments, and helping individuals navigate complex scenarios involving lost or forgotten accounts.

The article on escheatment delves into crucial concepts that individuals should be aware of when trying to locate and retrieve unclaimed funds or property. Let's break down the key concepts discussed in the article:

  1. Escheatment:

    • Definition: Escheatment is the legal process of transferring unclaimed funds or property to the state government. This occurs when a financial institution determines that an account or safe deposit box has been abandoned after a specific period of inactivity, typically between three to five years.
    • Purpose: State laws mandate escheatment to ensure that unclaimed assets are safeguarded and can be returned to their rightful owners.
  2. Locating Lost Accounts:

    • Starting the Search: Individuals are advised to contact the financial institution where they suspect they have an account. For those searching on behalf of a deceased person, providing necessary documentation, such as a power of attorney or death certificate, is often required.
    • Abandoned Property: If the bank no longer has records of the account, it may have been determined as abandoned, leading to escheatment.
  3. Failed Banks and FDIC:

    • Bank Failures: In the event of a bank failure, the FDIC (Federal Deposit Insurance Corporation) or the acquiring bank may hold the unclaimed assets for a certain period.
    • Transfer to the State: Federal law mandates the transfer of unclaimed deposit accounts to the state after 18 months, with varying state laws for safe deposit box contents.
  4. Lost Account Details:

    • State Unclaimed Property Department: If account details are lost, individuals can search for unclaimed property through their state's unclaimed property department or the FDIC's unclaimed property information.
    • Identity Verification: Claimants may need to prove their identity and, if applicable, their entitlement as heirs to the property.
  5. Preventing Account Loss:

    • Record-Keeping: The article emphasizes the importance of keeping accurate records of accounts, updating information regularly, and destroying unnecessary documentation for closed accounts.
    • Address Updates: Maintaining current contact information with the bank is crucial to receiving relevant notifications.
  6. Fraud Awareness:

    • DIY Claims Process: Individuals are discouraged from paying fees for services that claim to assist in the claims process. The article emphasizes the ability of individuals to search for unclaimed property independently.
  7. Additional Resources:

    • FDIC Unclaimed Funds: Individuals can access resources such as FDIC Unclaimed Funds and Securities and Exchange Commission (SEC) Escheatment Process for further assistance.
    • Consumer Awareness: The article provides contact information for the FDIC and encourages individuals to be cautious of fraudulent services.

In summary, understanding escheatment is vital for anyone who may have lost track of their financial assets. The article provides a comprehensive guide on how to initiate a search, navigate legal processes, and safeguard oneself from potential fraud while reclaiming unclaimed property.

How to Find a Long Lost Bank Account or Safe Deposit Box (2024)
Top Articles
Latest Posts
Article information

Author: The Hon. Margery Christiansen

Last Updated:

Views: 5910

Rating: 5 / 5 (70 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: The Hon. Margery Christiansen

Birthday: 2000-07-07

Address: 5050 Breitenberg Knoll, New Robert, MI 45409

Phone: +2556892639372

Job: Investor Mining Engineer

Hobby: Sketching, Cosplaying, Glassblowing, Genealogy, Crocheting, Archery, Skateboarding

Introduction: My name is The Hon. Margery Christiansen, I am a bright, adorable, precious, inexpensive, gorgeous, comfortable, happy person who loves writing and wants to share my knowledge and understanding with you.