Read on to learn more about the requirements for unclaimed or inactive accounts, and how Kearny Bank can help you claim it.
What is abandoned or unclaimed property?
Abandoned or unclaimed property refers to accounts held in financial institutions which have been inactive or dormant for a specified period of time.
If the rightful owner fails to collect the money, funds, or property in these accounts, financial institutions are required to send funds representing the balance of “abandoned” bank accounts to the state of the owner’s last known address. This process, called “escheatment,” is the law in all 50 states, including New Jersey and New York, and is in place so that the states can protect this property (including funds in an abandoned account) and try to help the proper owner find it.
Timing Information
A checking or savings account is generally considered abandoned if the client has not in the last 3 years:
- made a deposit to or a withdrawal from the account, or
- presented the passbook for the crediting of interest, or
- communicated with the bank about the account.
A certificate of deposit (CD) is generally considered abandoned if 3 years has elapsed since the first maturity date of the CD and the owner for the CD has not communicated with the bank about the CD.
In addition to dormant or inactive checking, savings, or certificate bank accounts, unclaimed property may also come from certain Individual Retirement Accounts, safe deposit boxes, bank checks, or money orders.
Did you receive an abandoned property letter from Kearny Bank?
Kearny Bank sends these letters to all clients who have not had any activity on their account prior to escheating the unclaimed property to the state. Activity does not include automatic transactions (For example: interest crediting, direct deposit, automatic payments, etc.).
What to do once the letter is received?
We will need for you to reestablish contact in order for us to update your account records. You have the following options:
- Complete the form enclosed with your letter and mail or drop off at your nearest branch location.
- Contact your local branch by phone.
- Visit your local branch.
Branch Locations >>
Resources:
If your funds have already been escheated, please click on the state-specific links below for more information on how to access your funds:
New Jersey
New Jersey Unclaimed Property - Official State Website (nj.gov)
New York
Unclaimed Funds | Office of the New York State Comptroller (ny.gov)