When are suspended payments considered to be unclaimed property?
An account’s dormancy period varies by state from 1 to 5 years. If amounts remain suspended for the requisite length of time, the funds are considered unclaimed property and must, by law be forwarded to the state of last known address in accordance with its unclaimed property statutes. The rightful owner must then file the necessary paperwork with the state to reclaim those funds.
Related Questions
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- When are suspended payments considered to be unclaimed property?
