It may seem surprising, but many people have money in bank accounts that they have long forgotten about. Old checking or savings accounts can fall through the cracks after a move, career change, or even when a bank merges with another financial institution.
According to the National Association of Unclaimed Property Administrators (NAUPA), states across the country return billions of dollars in unclaimed funds to their rightful owners each year.
If you think you may have unclaimed accounts, or if you just want to double-check the possibility, there are clear steps you can take to track them down. Finding those accounts can help you recover funds you didn’t know you still had. Here’s what you need to know.
Life gets busy and it’s not uncommon to lose track of a bank account. Some of the most common reasons someone might forget about a deposit account in their name include:
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Moves or changes of address: You may open a new bank account but forget to close your old account at your old financial institution.
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Promotional or secondary accounts: In some cases, you can open a new bank account to get a bonus or promotion and stop using it afterwards.
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Inheritance: Family members may leave accounts that their heirs don’t know exist.
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Bank closures or mergers: Sometimes banks merge with other financial institutions, and in rare cases, banks may fail. You won’t lose your money in any of these scenarios, but if you don’t take action, you may lose track of your cash.
Even a small oversight, such as failing to cash a refund check tied to an old account, can eventually result in the money being classified as “unclaimed property.” That’s why it’s important to stay alert and keep track of your accounts so you don’t lose money that belongs to you.
Read more: You may be missing money – here’s how to find it and claim it
If your bank account remains dormant for a few years (usually three to five), state law often requires the bank to transfer the remaining account balance to the state. This process is called evasion.
The good news is that even if your bank declares a forgotten account inactive and transfers the leftover funds to the state, your cash doesn’t simply disappear. States retain unclaimed property indefinitely. They also maintain searchable databases so that owners or their heirs can claim properties that rightfully belong to them.
There are several legitimate ways to search for old or forgotten bank accounts. The following steps are usually a good starting point.
If a bank you once had an account with has closed or merged with another financial institution, you can also use the FDIC’s BankFind Suite to identify the new bank that may still hold your funds. The FDIC also provides an unclaimed funds search tool that you can use to locate and claim any cash left in a closed bank.
Read more: What is the FDIC and how does it work?
Every US state (plus the District of Columbia) has an official unclaimed property website. Start your search with your current state, then search for any other states where you have lived, worked, or attended school.
The easiest starting point is usually Unclaimed.org, the official website of the National Association of Unclaimed Property Administrators. On this website, you can find links to each state’s database, as well as a national database to search for unclaimed properties.
If you suspect that an old bank account might still be active, it’s probably smart to contact the financial institution directly. Call the bank’s customer service department or start an online chat, depending on your preferences.
Be prepared to provide your account number, Social Security number, address (or previous address), and other identifying details. If the bank has already closed the account and transferred it to the state, the customer service representative should provide information on where to file a claim.
Scammers often target people looking for unclaimed money. Some scammers may charge unnecessary fees to “find” your lost money. Others may simply try to steal your personal information by tricking you into sharing your personal data on a scam website.
You can protect yourself from these types of scams with the following tips:
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Only use official websites ending in .gov or .org to search for unclaimed property.
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Never pay a fee to search or claim your own funds.
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Do not share personal information in response to unsolicited calls or emails, even if they appear to come from a legitimate source such as a bank or government agency.
Forgetting about an old bank account is not as rare as you might think. But if you make this mistake, the good news is that your money won’t disappear. A few key searches (starting with your state’s unclaimed property database, the FDIC, and direct contact with your previous banks) can often help you locate forgotten cash and reclaim money that belongs to you.
Taking the time to search for forgotten bank accounts could give you back funds you didn’t know were missing. These searches require a little effort, but the exercise can help you keep your finances in order. Plus, you might get lucky and find a little extra money in the process.