When is a bank account considered inactive or dormant?
Generally, an account is considered dormant when no activity deposits or withdrawals has occurred for a period of 5 to 7 years. The length of time necessary to declare an account dormant is defined by State statute. Once an account is declared dormant, the bank may be required to transfer the funds to the State treasurer or unclaimed property office. Most States require that the bank send notice of the impending transfer of funds to the account holder. The notice is sent to the last address of record on the bank’s books. If you wish to find out if funds from your account were sent to the State treasurer, contact your applicable State treasurer/unclaimed property office. You can start your search by visiting www.unclaimed.org.
