Property type
Dormant bank accounts
Checking, savings and certificates of deposit — how they become unclaimed and how to find them.
A checking or savings account becomes dormant when there is no owner-initiated activity — no deposits, withdrawals, logins or written contact — for the period set by state law. Before turning the balance over, the bank is generally required to try to reach the owner at the last address on file. If that letter comes back or goes unanswered, the balance is reported and sent to the state.
The state that receives it is usually the one tied to the owner's last known address in the bank's records — not necessarily where the branch was. That is why people who move often find old accounts in a state they left years ago.
What usually triggers it
- A savings account opened as a child and forgotten.
- A second checking account kept "just in case" after switching banks.
- A certificate of deposit that auto-renewed for years with no contact from the owner.
- An account belonging to someone who died, where the family never knew it existed.
Banks that failed
Deposits from a failed FDIC-insured bank that nobody claimed are handled differently: the FDIC transfers them to the unclaimed property office of the state matching the depositor's last known address. After a holding period, states return what is still unclaimed to the FDIC. If your bank closed and was not bought by another bank, check both your state's program and the FDIC.
Searching tips
- Search every name the account could be under — maiden name, a middle initial, a misspelling.
- Joint accounts may be listed under either owner.
- Custodial accounts for minors are often listed under the child's name.