Skip to comments.How Can I find an Old Bank Account?
Posted on 07/18/2013 8:49:19 AM PDT by lafroste
Hello all. I have an interesting problem. Apparently my mother started a savings account for my son when he was born. The last statement date is 6/30/98. The bank she used no longer exists. My mother passed 8 years ago. Anyone have any ideas of where that money went or how I can retrieve it?
It’s been turned over to the state, they’re going to keep it.
If the bank shut down then the remaining funds may be held by the state.
Contact the Secretary of State or the banking regulator in your state.
If the bank went out of business, the accounts were likely transferred to a nearby bank.
I think there is a number you can call with the state that has unclaimed funds that they hold for a certain period of time.
Call your state Attorney General’s Office, Bureau of Consumer Affairs for a place to start looking.
Each state has an unclaimed property department, where you can make this type of claim. You’ll need proper documentation, but it shouldn’t be too difficult. Good luck!
Contact your state treasurer’s office or your state’s secrtary and ask for the unclaimed property division. Then inquire about any of her unclaimed accounts or assets that the state may have taken custody of by default.
Try the unclaimed money site at the US Treasury site above.
Is there a bank still located at the address on the last statement? If so, that's probably the bank which bought out the old one. Do a search online for the HQ of the old bank or find articles that will have info on the new owners.
Most states passed laws that money in inactive accounts goes to the state, but can be recovered by an account holder if they make an inquiry to the state about it. It doesn’t matter if the bank still exists or not.
I have done this myself, to an old account I abandoned in Texas with perhaps $50 in it. Texas has a website to recover such money, and promptly returned it.
Here in MA, anything like that is tranferred to what’s called Abandoned Property and stays there until somebody claims it. I can go to a website and file a claim. Your state may have something similar.
Wow, in five minutes I have excellent starting points. You guys are great!
In most states, unclaimed money becomes state property if there has been no activity in an account (deposits or withdrawals) after a certain number of years. Usually the state “advertises” the unclaimed property in a newspaper (nowadays probably on a website) then transfers the money to the general fund. With 15 years gone by, the odds of you recovering the money are zero.
The state doesn’t keep the money. They hold it in escrow. The is usually a web site that you can go to and when your relationship is proven, then the state will remit the money to you.
Just in case your mom’s account was somewhere other than North Carolina:
Otherwise, if you know the bank's name from the statement, you can look up where their assets went.
Heh, heh. Assets...
” It’s very possible the bank was merged with another or acquired. The accounts would have been transfered to the successor banks.”
If you can find that out, and there’s a local branch,,,, drop in and speak to the branch manager. They’ve always been friendly and helpful to me. Easy way to get started along the right path.
an example ... Wachovia was taken over by Well Fargo.
“the bank does not exist anymore” ... not usually accurate. It didn’t vaporize.
In that case above, go to Well Fargo.
You will need your mother's SSN and address at the time, and any other addresses you can remember. Typically, they will ask for 2 proofs of death (death cert and obituary), the names of any executors and any estate tax ID number, driver's licence of the applicant and/or executor, and a list of all heirs, so that one sibling can't just help him- or herself if there were five siblings or designated charities in a will.
If you are in Nigeria, I can help.
Ok, thanks for the info. I hope it turns out that way for our fellow FReeper. :)
Check the Unclaimed Funds division of the state comptroller / board of equalization
Look for a link for “abandoned property” in the state in which the account was established. The state government should have a clearinghouse for abandoned property, and you should be able to find info about how to retrieve the property.
Didn’t find the account I was looking for but found 2 accounts for my other son, and 3 accounts for my deceased brother.
My mother bought a $1000 paid up life insurance policy for me and each of my three siblings at birth. I was born in 1943 (youngest of the family) and was well into my 60s when I checked the Wisconsin "Unclaimed funds" web site, and sure enough there was about $2500 sitting there under my name. My sister (oldest of the 4 of us) was born in 1932 and she also had cash waiting. My two brothers did not have a forgotten legacy, I'm guessing they had cashed out earlier.
It least in Wisconsin the unclaimed cash is your's to find for a lot longer than 15 years.
Check your state’s office of abandoned property. They should have a record of the account and a claims procedure. Many states now put the information online.
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