What is an account restriction?
A restricted bank account means that certain actions or features are limited or temporarily unavailable. This could include restrictions on withdrawals, transfers, or access to certain online banking tools.
How Do I Get My Funds Back Once They Are Escheated?
Once an account has been escheated, you must contact your state’s unclaimed property division for instructions.
What Is Escheatment and Why Does It Happen?
Escheatment is a legal process that occurs when unclaimed property, such as dormant bank accounts, is transferred to the state of the account holder’s residence because the owner cannot be contacted after a certain period of inactivity. The state then becomes the custodian of the funds and holds them until the rightful owner claims them […]
What Happens If I Don’t Reactivate My Account?
If your account remains dormant and you do not reactivate it, your funds may be sent to escheatment. Before this happens, you will receive a final letter that must be signed and returned to us to halt this process.
Will I Be Charged Fees Because My Account Is Dormant?
Yes. Dormant accounts are charged a $5 monthly fee starting when the account becomes dormant.
My Account Is Dormant. Can I Close It?
Dormant accounts must first be reactivated before they can be closed. To reactivate: