Secrets Of Lost And Forgotten Bank Accounts

By Author: Nicole Anderson
Total Articles: 50
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Nowadays opening an account in a bank has become very easy and also less time consuming. However, after opening an account, it is very important to keep it active consistently or else a bank can close up your account if you don't use it for more than 3 yrs. So, if you have such an old, neglected account then you should enquire immediately whether it is active or has the bank has closed it down.

A bank has many reasons to close up your account, you could have changed your company and you may not use your previous company's salary account anymore. In such cases, a bank regularly sends you reminders and monthly statements regarding that account. However, if there is no reply from you for more than three year, then a bank uses its rights to close down your account. You may wonder as of what happens to the leftover amount in your account. Is it as good as losing all the cash? And if it so from where can we recover this lost sum?

When an account gets closed up due to continuous inactiveness, the bank transfers that account and its details to state treasury account or to the unclaimed money ...
... /b> account. Once the account is transferred, it is referred as unclaimed holdings and it is listed in federal lost money database. All across the US there are around 75 state departments holding this type of information, not only about lost and forgotten accounts, but also with regards various types of abandoned property such as house, insurance policies, lottery prizes, bond, dividends etc.

So whenever you realize that one of your accounts has been transferred to the state unclaimed money accounts, you should start searching for it right away. Although searching a lost and forgotten account from this huge federal database, is a bit difficult and hectic too. However, internet is a sophisticated and easiest way to search your account from federal database. You will find number of websites offering FREE unclaimed money searches. However, you should check whether the databases listed on such sites are intact and being updated on a regular basis.

A good database website stores all the information collected from all state and federal database. This gives you all relevant resources to find out your lost cash and bank accounts. Such website also performs parallel searches on other types of unclaimed money like insurance policies, dividends, bonds, shares etc. using all possible combination of a legal provided by you on a website. This helps you check other resources that may be owed to you. After finding relevant unclaimed money account, just fill out the claiming form and mail the hard copy to unclaimed money department along with required proofs that includes identity proof and hereditary proof, in case the account is heredity.

Although, you can easily find your lost cash, this shouldn't happen repeatedly. You must take care of all the accounts you have. Always keep a record of what you have and what you have closed off. Also, your records about your investment should be genuine. You also need to track down all the transactions that are being made through your accounts that you have opened in insurance companies, utility companies, stocks etc. Along with all this perform unclaimed money search frequently, at least twice in a year, not only for you, for your friends and for family members.