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#2177563 - 05/10/18 01:52 PM Dormant account escheat rules
rTEXg Offline
Member
Joined: Jul 2014
Posts: 55
Good morning, ladies and gents

On the topic of escheat accounts, the question arose as to where the funds need to be sent. My understanding has been the funds must be sent to the state where the last known address of the customer is.

However, I have also been told the funds must be sent to the home state of the bank.

Both sound viable, but which is the correct rule? And is there a place where I can find it spelled out specifically?

Thanks!

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#2177631 - 05/10/18 04:49 PM Re: Dormant account escheat rules rTEXg
osucpa Offline
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Joined: May 2011
Posts: 1,400
I don't think it is a rule, it would be a state law issue.

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#2177692 - 05/10/18 08:03 PM Re: Dormant account escheat rules rTEXg
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,417
Pulling people out of the ditc...
you need to discuss with the state banking department where you are HQ'd...but generally it is sent to the state where the person has their domicile address, or their last known address that the bank has on record
Last edited by HappyGilmore; 05/10/18 08:05 PM. Reason: clarity
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#2178752 - 05/18/18 05:16 PM Re: Dormant account escheat rules rTEXg
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
Every state has it's own abandoned property laws, but several lawsuits have hashed this out in court. The abandoned property should be escheated to the state of residence per the last known address of the property owner. If for some reason no state of residence can be determined it can be escheated to the state in which the property holder resides or is incorporated. This is a great website for unclaimed property information: https://www.unclaimed.org/default.asp

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