Why would a bank send – by email or USPS – a notice stating an account may be turned over to the state treasurer as abandoned property?
If a bank account (business or personal) is inactive, it may be classified as abandoned, and the funds be turned over to the state. This practice is referred to as escheatment. The notice received usually outlines actions to take to confirm the account has not been abandoned and prevent the transfer to the state treasury.
Generally, an abandoned account has no customer-initiated activity or contact for a period of three to five years (the term varies by state). Each state’s abandoned-property program requires banks to turn over the funds to the custody of the state treasurer.
READ THE FULL ARTICLE BY TAMI WANKOFF IN THE SUMMER 2026 EDITION OF GAMING & LEISURE MAGAZINE.