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recovering old bank accounts
Old 07-13-2015, 09:35 PM   #1
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recovering old bank accounts

I found some old bank account books, their accounts inactive for decades. I'm reasonably certain the accounts were never closed, and even with no interest their value justifies recovery effort. I have contacted the bank but they have been less than helpful, refusing to tell me anything beyond "we keep records no more than 7 years". I have checked a couple of those unclaimed property sites online without success, but there are many such sites and perhaps I'm not using the best one. What are some ways to track down old bank accounts?
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Old 07-13-2015, 09:41 PM   #2
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Try this.

Answers about Inactive Accounts

and the related unclaimed property link.
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Old 07-13-2015, 10:47 PM   #3
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Originally Posted by GrayHare View Post
I found some old bank account books, their accounts inactive for decades. I'm reasonably certain the accounts were never closed, and even with no interest their value justifies recovery effort. I have contacted the bank but they have been less than helpful, refusing to tell me anything beyond "we keep records no more than 7 years". I have checked a couple of those unclaimed property sites online without success, but there are many such sites and perhaps I'm not using the best one. What are some ways to track down old bank accounts?
You need to know which state the account holder lived in and check that states web site. Or try MissingMoney.com Unclaimed Property FREE SEARCH - Officially endorsed By The States, Provinces and Naupa which is supposed to search every state. However given the dates involved, are the account holders deceased? Some states have a limit on how long funds are held and some do not. Of course there is also the possiblity that the bank changed accounting standards, and new books checks etc were issued.
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Old 07-14-2015, 07:38 AM   #4
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In my past, I once was told by a friend that my name and a $7000 amount had been published in the newspaper as an account turned over to the State by a financial source since it had been inactive and considered abandoned. If I hadn't contacted the State within a certain period of time the money would be lost to me.....I don't know if the financial source or the State would have received the money. I had owned a couple of businesses in the past but, again, had no idea where the money had come from. I sent the State my request for the cash and received a check about 10 days later. I tried to find out more about the cash but was told everything was computer generated and they couldn't give me any more information........we enjoyed our "free" money!
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Old 07-14-2015, 08:49 AM   #5
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Financial institutions have a well defined process of paying "dormant accounts" to various gov'ts. In Canada it is generally the federal gov't and there is a good process for claiming these back. There generally is no "statute of limitations" at least in Canada.
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Old 07-14-2015, 10:57 AM   #6
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My state has a site to search for escheated funds:
Office of the New York State Comptroller - Unclaimed Funds
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Old 07-14-2015, 11:20 AM   #7
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Thanks for the suggestions. I've tried the state's online search, but they show no record of the accounts. Their site is mum about whether escheated funds are held indefinitely or are taken by the state after a period of time. The lack of details from the bank and state leave so many possibilies open as to where the funds may be. I can see tracking them down won't be easy.
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Old 07-14-2015, 03:31 PM   #8
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I wonder if the banking authorities that regulate the banks that those accounts were in might be able to help or give you some idea about how to proceed.
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Old 07-14-2015, 04:20 PM   #9
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I wonder if the banking authorities that regulate the banks that those accounts were in might be able to help or give you some idea about how to proceed.
Yes. Exactly. I am quite confident you will be able to track them down and get them back if they existed.
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