Warning About Dormant US Bank Accounts Being Transferred to State
A financial expert warns that inactive US bank accounts may be transferred to the state after a period of dormancy. The process, known as escheatment, requires banks to turn over funds to the state treasurer's office if there is no customer-initiated activity for three to five years. This has led to cases where individuals cannot locate their funds after accounts are closed.
Topics: bank regulations consumer finance dormant accounts escheatment unclaimed funds