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#1962603 - 09/17/14 06:09 PM Escheatment of deposit accounts
traveler Offline
100 Club
Joined: May 2010
Posts: 180
Alabama
Am I correct that if you have an account that has had no activity in 3 years, but you have an address on file and statements or other correspondence is not being returned to the bank that you do not have to consider the account for escheatment?

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Deposits and Payments
#1962733 - 09/18/14 02:31 AM Re: Escheatment of deposit accounts traveler
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Alabama Code - Section 35-12-72: PRESUMPTION OF ABANDONMENT -
(d)(3) The making of a deposit to or withdrawal from a bank account. Any correspondence in writing from the holder to the apparent owner, such as the mailing of a statement, report of interest paid or credited, renewal of a deposit or other written information relating to the deposit shall be construed to mean that the apparent owner has indicated an interest in the deposit if the correspondence in writing is not returned to the holder for nondelivery thereof. Any activity or indication of interest by an apparent owner in the deposit or in any other deposits in a holder shall be construed to be activity and indication of interest in all other deposits of the apparent owner in the holder.
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