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#2261195 - 10/18/21 06:57 PM Certificate of Deposit Escheatment
Amy S Offline
Member
Joined: Sep 2020
Posts: 51
Oh baby Jesus, please help me...... I have a CD on list for Escheatment. Originally opened 11/12/1999 at a 6 month term, and it's been rolling ever since. The last successful contact was 9/8/2020. Customer wanted to add Beneficiary and never has. Since our last contact was 9/8/2020 and owner showed interest, does that restart the 4 year clock?

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#2261224 - 10/19/21 01:29 PM Re: Certificate of Deposit Escheatment Amy S
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,275
Galveston, TX
First, in Illinois, the time to escheat a certificate of deposit is three years and not four.

Second:


(765 ILCS 1026/15-210)
Sec. 15-210. Indication of apparent owner interest in property.
(a) The period after which property is presumed abandoned is measured from the later of:

(1) the date the property is presumed abandoned under this Article; or
(2) the latest indication of interest by the apparent owner in the property.

(b) Under this Act, an indication of an apparent owner's interest in property includes:

(1) a record communicated by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held;
(2) an oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the apparent owner's communication;
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2261225 - 10/19/21 01:44 PM Re: Certificate of Deposit Escheatment rlcarey
Amy S Offline
Member
Joined: Sep 2020
Posts: 51
Thank you!

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