Our CD's automatically renew and it does not require an action on the part of the customer to renew. We do send our our notices and disclosures and as long as we do not receive return mail it is our belief that the customer wants the CD to renew. Is there any issue with this process in NJ regarding that account is considered dormant?

Thanks

NEW JERSEY STATUTES ANNOTATED
TITLE 46. PROPERTY
SUBTITLE 6. PERSONAL PROPERTY ONLY
CHAPTER 30B. UNCLAIMED PERSONAL PROPERTY
ARTICLE 6. BANK DEPOSITS AND FUNDS IN FINANCIAL ORGANIZATIONS
Current through L.2002, c. 74
46:30B-18. Presumption of abandonment
A demand, savings, or time deposit , including a deposit that
is automatically renewable, and any funds paid toward the
purchase of a share, a mutual fund investment certificate, or any
other interest in a financial organization is presumed abandoned
three years after the earlier of maturity or the date of the last
indication by the owner of interest in the property, but a
deposit that is automatically renewable is deemed matured for the
purposes of this section upon its initial date of maturity,
unless the owner has consented to a renewal at or about the time
of renewal and the consent is in writing or is evidenced by a
contemporaneous memorandum or other record on file with the
holder, provided, however, that such abandonment shall not be
deemed to have occurred if the owner, within the time period
stated above has:

See the rest: http://www.unclaimedproperty.nj.gov/reporting-info.shtml

Thanks Randy