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#2199257 - 11/28/18 03:10 PM Unclaimed/Abandoned Property Customer Contact
Miss Thang Offline
Member
Miss Thang
Joined: Jul 2006
Posts: 60
If a customer physically enters the bank to make a deposit or withdrawal to an account, would that be considered sufficient customer contact to in turn update the date of customer contact on all of their other accounts; in order to keep their other non-active accounts from being considered abandoned or unclaimed after 5 years?

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#2199282 - 11/28/18 06:13 PM Re: Unclaimed/Abandoned Property Customer Contact Miss Thang
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX

SECTION 27-18-70. Demand, savings, or matured time deposits with banking or financial organizations.

(A) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner, within five years has:

(1) in the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;

(2) communicated in writing with the banking or financial organization concerning the property;

(3) otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;

(4) owned other property to which item (1), (2), or (3) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent; or

(5) had another relationship with the banking or financial organization concerning which the owner has:

(a) communicated in writing with the banking or financial organization; or

(b) otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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