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Do you have dim memories of a savings account you opened in college or some other time in your life? If you didn’t empty it out at some point, there’s a good chance it’s sitting somewhere with your name on it, ready to be collected.
According to the National Association of Unclaimed Property Administrators (NAUPA), one in seven Americans has money in unclaimed property, and much of that cash has already been handed over to state governments through a little-known process that might mean there are hundreds or even thousands of dollars out there you don’t know you have. Below, we guide you through why states take charge of these assets and how you can determine if you have any savings account funds awaiting you.
Key Takeaways
- Inactive savings accounts can become “dormant” after just a few years.
- When an account is dormant, it may trigger fees and eventual transfer to state unclaimed property offices.
- A simple annual login or small transaction can keep your accounts active and prevent bureaucratic hassles.
‘Much Better Odds Than Winning the Lottery’
That’s the phrase Carmen Pigler, president of the NAUPA, used in a statement noting that one in seven or about 33 million Americans, have unclaimed savings and other property waiting to be claimed. In 2024 alone, states returned $4.49 billion to their owners—leaving many more billions still unclaimed. The average claim amount was $2,080 (the median was $100) and ranged from a few dollars to over $1 million.
Note
If you’ve forgotten about a savings account or other property, you’re in famous company. In recent years, the state of California listed funds belonging to actor Al Pacino while the New York Comptroller was said to be holding onto property owned by Michael Bloomberg and Beyoncé.
How Your Forgotten Account Became a State’s Problem
When you abandon a savings account—whether intentionally or by accident—it doesn’t just sit there earning interest forever. After a period of inactivity that varies by state and financial institution (typically three to five years), your account enters what’s called “dormant” status.
Financial institutions are required by law to make reasonable attempts to contact you before declaring an account dormant, but if your contact information is outdated, those letters and emails may never reach you. Meanwhile, banks can stop paying interest and start charging dormancy fees that can slowly eat away at your balance.
Eventually, through a process called escheatment, your remaining funds get transferred to your state’s unclaimed property office, which essentially becomes the custodian of your forgotten money. The good news is you still legally own every penny.
How To Check If You Have Abandoned Savings Out There
To see if you have any money owed to you from a dormant or abandoned account, you can start by checking NAUPA’s website. There, you’ll find links to the unclaimed property websites for every state—you’ll want to check any state where you’ve lived or worked.
Each state maintains its own database, and the search is free, though you’ll likely need to provide basic identifying information like your name, previous addresses, and Social Security number.
If you find a match, be prepared for some bureaucracy, including providing identification and other details to show the funds are yours.
How To Avoid Your Account Going Dormant in the First Place
Preventing your accounts from going dormant is comparatively easy. Most banks consider any of these activities enough to keep an account active:
- Logging into your online banking account
- Making a small deposit or withdrawal
- Updating your contact information
- Setting up a small automatic transfer
Even a $1 monthly transfer from checking to savings can keep both accounts humming along happily. The key is to do something—anything—at least once a year.
Tip
When checking for abandoned savings, don’t limit your search to just bank accounts. Unclaimed property databases also include forgotten utility deposits, insurance payouts, stock dividends, and even wages from old jobs.
The Bottom Line
Banks and credit unions are legally required to hand over dormant account funds to the state when they can’t locate the account owner after making repeated attempts to contact them. This transfer happens automatically under state escheatment laws—your bank doesn’t get to keep your forgotten money, but it also doesn’t sit in their system indefinitely.
Checking to see if there are any lost savings out there for you might take as little as a few minutes. With $70 billion in unclaimed property nationwide and one in seven Americans having money they don’t know about, there’s a decent chance you might find some money to make the effort worth it.
