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 by meeting the state’s requirements. This process exists to protect your money and ensure it is not lost or misused. Even if your account is turned over to the state, your funds remain safe and can be reclaimed at any time.
