The Bank Gave My Money Away

Do you ever get the feeling that you have lost some money? We’ve all lost money out of our wallets, our purses, behind our dressers, or under car seats. But, did you know that you can lose money in the bank? If you have a bank account that has not had any activity for three to five years, your bank has to turn the money over to the state. The same is true for payroll checks that haven’t been cashed, and for safety deposit boxes that haven’t been visited.

How do you avoid losing your money like this? Make a deposit or withdrawal on each and every bank account at least once per year (either online or at the physical branch). Interest going into a bank account is not considered activity. Deposit and/or cash your payroll and gift checks quickly before you have a chance to lose or forget about them. Use traveler’s checks as soon as possible. If you have a deposit box, visit it at least once a year.

Keep your contact information up to date. Make sure that you update your address on each and every bank account, so the bank can send you important notices and you have a reminder that your accounts exist.

Do you want to see if you have any unclaimed money? Go to www.unclaimed.org and look under all the states that you have lived in. You may find that it is worth the trip.