After a period, the FDIC or bank must transfer unclaimed property to the state.
Federal law requires unclaimed deposit accounts to be transferred to the state after 18 months, and state laws differ regarding the period of time after which contents of safe deposit boxes must be transferred. – FDIC website
Using the state of Florida Unclaimed Property website (all state websites are similar in their verbiage):
The Florida Department of Financial Services periodically holds Unclaimed Property Auctions, where abandoned safe deposit box contents are auctioned by the Division of Unclaimed Property.
Pursuant to Florida’s Unclaimed Property laws, items from safe deposit boxes in banks and credit unions are sent to the Department when the owner of a safe deposit box fails to pay the rental fee for a three-year period. If the financial institution cannot locate and reinstate the account with the owner, or return the items, the contents are sent to the Department as unclaimed property. Various means, such as internet and database searches, as well as the media, are used to attempt to notify the owner of his or her property, providing the opportunity for its return.
READ THE FULL ARTICLE BY TAMI WANKOFF THE SPRING 2025 EDITION OF GAMING & LEISURE MAGAZINE.