Escheatment FAQs
What is escheatment and why does it matter?
Credit unions are required by each state to report and turn over personal properties when they've been abandoned or unclaimed after a specified period of time. Properties considered abandoned include, but are not limited to, checking, savings, certificates, money market, IRA accounts, uncashed checks, trust distributions, credit balances and overpayments.
The process of surrendering funds to the state is called escheatment. The owner of those funds is notified at their last known address that their money has been turned over, by law, to the state. That money is held by the state until the owner submits a claim directly to the state.