Just trying to find out if there are any bank's out there that do not require the customer to sign some sort of form requesting that their account be removed from the dormant status and then in addition to that, make a customer initiated transaction. I am not referring to Escheatment, just dormant.
I know that state dormancy laws very; I am in Indiana
JacF
Power Poster
Joined: Nov 2001
Posts: 6,719
PA
To reactivate a dormant account, we do require written confirmation from the depositor. However, we do not require a transaction, since many of these accounts are certificates and wouldn't be used for regular transactions anyway.
auditor42
Junior Member
Joined: Jul 2013
Posts: 30
I need rules for Mississippi! Can't find what I am looking for. Our system currently automatically puts an account in Dormant status if there are no PAPER withdrawals or deposits in a 2 year period. Some of the accounts that go dormant have automatic transfers set up. Does anyone else have this issue. To me that would be activity but our system doesn't seem to count that.
It would be very unusual for an automatic transfer to be considered client initiated activity, other than the very first transaction. Clarification of what your state considered client initiated activity will most likely be found in your state's abandoned property laws. The link above can help you locate the laws that apply to your state.