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Is the depositor or the bank responsible for obtaining funds from a closed checking account?

April 26, 2017Bank checking account closed Depositor funds responsible

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Is the depositor or the bank responsible for obtaining funds from a closed checking account?

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The depositor is responsible for getting the funds before the account closes but if the depositor doesn’t do it, within a certain number of years the bank is responsible for closing the account and turning that money over to the state unclaimed property fund.