When a cashier's check has been outstanding for more than three years, the funds are escheated to the State as unclaimed property. A stop pay is placed on the account to catch the check if it comes through. If one of these checks were to present after the funds are escheated, are we right in returning it, even though it is supposed to be guaranteed funds?
Once a member withdraws a "Bank Check" who owns it? If the check goes uncashed for three years and should be listed as unclaimed, is it the payee or the original account holder who has claim to the check, or some combination?
Can accounts for minors be charged dormant and/or inactive fees?
Would a cashier's check from 1972 still be good to cash in?
At my bank, we are trying to decide if inactive accounts and dormant accounts are the same. What are your ideas on this? We are trying to determine for yearly unclaimed funds reporting purposes.
We have savings account customers that are now marked "dormant" or "inactive", however, these customers have made online banking transfers between accounts at our bank. We are an FDIC bank and wondering whether we can change our policy to exclude such customers from being marked dormant or inactive.
I have a customer who is deceased and the POD on the account cannot be located. Is there any way the money can be placed into the deceased individual's estate account or will we have to wait the five years and surrender it to the state as unclaimed funds?
A safe deposit key was recently found for a bank that went out of business many years ago. The owner of the key has Alzheimer’s. Since the bank, First National Bank of [Name Withheld], is gone what does the son have to do to determine if the contents were in the box? I believe there have been two other banks in that building since the first one closed.