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Escheatment Period for Dormant Share IRA w/CU

Answered by: 
Ken Golliher
John Burnett

Question: 
What is the escheatment period for a dormant share IRA with a CU? Say a member share account is dormant and member is under 59 1/2 with an IRA attached to the share. When should this account been sent to the state?
Answer: 

by Ken Golliher:

Escheat is purely a matter of state law; the Florida answer is different than the Alaska answer.

Answer: 

by John Burnett:

Check the law on abandoned accounts for the state in which your credit union is located.

Answer: 

by Ken Golliher:

If your member lives in a different state, check the laws of that state.

First published on 08/26/2018

Filed under: 
Operations
Filed under operations as: 
Consumer Protection

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