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#30761 - 09/03/02 06:46 PM Procedures to locate dormant accountholders
Neytiri Offline
Platinum Poster
Joined: Jul 2002
Posts: 645
I did a search of past escheat threads but didn't really find the info I was looking for.

Does your bank jump through a bunch of hoops trying to locate people to avoid escheating accounts? State law (WV) says to send a notification by first class mail to the last known address, and I always get quite a few of my notices returned "Not deliverable as addressed. Unable to forward." I don't feel it is cost effective to do more than check for other accounts with different addresses, and checking the phone book is OK for local addresses but what do you do for out of state dormant accountholders? Do you give a list of escheat accounts to customer contact personnel to try to get addresses?

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#30762 - 09/03/02 07:05 PM Re: Procedures to locate dormant accountholders
SJB Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,210
We sometimes have accounts giong dormant where the branch people know the customer and we make contact with them that way. For the others where mail is not getting to the customer I think you have done all that is required and is cost effective. Since the money doesn't just dissapear, the customer can still get it from the state.

Some states even host a web site sponsored by the state controller, treasurer, etc. where people can put in their name and find out if they have funds that have been escheated to the state and they can then claim the money.
My opinions are not legal advice and are worth what you paid for them.

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