Did you ever forget about an old savings account and wondered where that money went?

Millions of people have forgotten accounts or didn’t realize they had walked away from some fund of money they were entitled to.

When money lies dormant in a deposit account or appears to be abandoned, the bank or other organizations with which the money was deposited aren’t necessarily allowed to just keep that money for their own use. After a period of time, they’re required to turn it over to the state. This is called escheatment. Once it's turned over to the state for safekeeping, the owner of the money can still access it by making a proper claim for it.

What Funds Are Subject to Escheat Rules?

It’s not only money in deposit accounts that will be escheated. If you forget to cash a check, that money can be escheated. Likewise, if you don’t claim your wages, that money can also be escheated.

Here are some of the types of property that can go unclaimed and will be escheated:

Checking accounts

Savings accounts

Payroll checks and commission checks

Vendor credits

Utility deposits

Stocks, bonds, dividends, mutual fund, and brokerage accounts

CDs

IRAs

Life insurance proceeds

Annuity contracts

Oil and gas or other mineral royalties

Tax refunds*

Pension benefits

*If it's a federal tax refund, it won't be escheated to the state. Be mindful also that you only have three years to claim a federal tax refund.

When Are the Funds Turned Over to the State?

The amount of time that passes before the account will be turned over depends on the state. Each state has different periods of time and other requirements for escheatment. The amount of time also depends on the type of money or account that’s being escheated. Bank accounts, checks, and wages may be subject to different periods.

This chart shows the state and the amount of time after which the bank or another payor will turn the money over to the state.