Locating Bank Accounts
By now, you already know that it takes a lot of work to find a lost bank account. But with the proper knowledge, it’s just as easy as stealing candy from a toddler. Below is full coverage of all the necessary steps and resources at your disposal to find your lost bank account.
A lost account has had no transactions for about five years and is seen as inactive. Under such dormancy, the bank has no right to hold the missing account. They will try to contact the owner. But upon failure, the bank shall hand it over to the state. The escheat funds include cash deposit boxes, checks, and gifts. Your state may hold it for a while unless the owner makes a claim. But, assuming otherwise, it will be reserved for the Treasury to build infrastructure.
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How to go about getting back your hidden bank accounts that were turned over to the state
Regrettably, the feeling of uncertainty when you realize your forgotten bank accounts have been handed over to the state can be overwhelming. After all, it’s your money, and it has gone missing. While the situation may seem dire, there is hope! With a little determination, you can reclaim your hidden bank accounts.
So, hang on, your first move should utter research on unclaimed property laws in your state. Remember, your state has regulations that differ from other states if it concerns forgotten or inactive bank accounts. As a result, you need to familiarize yourself with such laws.
After getting acquainted with applicable statutes, seek connections with various entities and organizations. Connect with the fiscal association that administers your record, whether it be a trust, union, or banking institution. You should thoroughly overview the accounts in question and verify their provenance in this discourse. Such evidence could come from a state-issued ID, birth certificate, marriage certificate, tax form, or banking statement.
Do you need help tracking down your hidden bank account? What must you do?
Starting with your records is wise. As a result, account numbers, opening dates, and names may be necessary. Though minor, the details above could be essential for tracking credit reports. The report is usually obtained from Equifax, Experian, and TransUnion, the three major consumer credit reporting agencies. All you need to do is get copies of all three by visiting AnnualCreditReport.com. Additionally, three will tell you whether there’s an account listed on either report.
Now, you must check all your credit cards and accounts for possible connections with the lost account(s). If there are sign-in problems with any of these accounts (such as a password change or loss of service), contact customer service immediately so they can investigate further and help protect against fraud or identity theft.
Contact the bank.
The easiest way to get a hold of your hidden bank account is to contact the bank with which you suspect you had opened an account. They already have your records, knowledge, expertise, and access to the latest developments. If indeed you had opened a statement with the bank you are contacting, or someone left one for you, the records are weighed in your favor. All that remains is for them to help you unlock the account.
It seems easy. But what could stand in your way? To begin with, you have to know your account number and sort code. You can use this information to determine if the bank has any records about you. If they do, it is a simple matter of requesting a new card from them and using it as proof of identity.
Contact any brokers, accountants, or lawyers you’ve worked with.
Still, records are vital to this part. But ironically, they are records you do not possess. Who owns it? These are your lenders, brokers, and accountants that you have dealt with in the past. They are so not fit for a storeroom, but it sounds like a good backup in a crisis. The broker may have dealt with your grantors, who, by this time, are incapacitated. Their records of account transactions as recipients of funds or witnesses of account creation may be of aid.
However, that’s not guaranteed to work; you may have to back it up with a review of old tax returns and financial documents. Also, check if other institutions opened any credit lines in your name.
Note that most of these checks are typically done either online or over the phone by calling customer service departments at banks or credit unions. Therefore, expect them to request your ID, SSN, and an address where mail can be sent for verification purposes.
Search for unclaimed assets.
Surprisingly, searching for unclaimed assets in your state can reveal a lost bank account! The state or utility company that holds the funds must make them available upon request from the legal claimer. Moreover, a hidden bank account could be connected to the asset and not closed. So, look first at an old bank. The asset had an account there previously. With the current bank merger rate of 4.4%, the old bank you may have invested in may have been absorbed by larger banks.
What you need to do next is research old statements, receipts, or communications that may provide invaluable clues about where your forgotten funds are. When you can’t find the necessary documents, check with old banks or institutions to find out if they’re still operating and if they have any of your details on record. Alternatively, try contacting credit bureaus to see if someone may have opened accounts in your name without permission.
Getting a hold of a lost bank account can be a tricky and challenging process that calls for research and a thorough knowledge of the applicable state laws. It requires access to the records and documents from your bank and credit bureaus. Some of these records may be confidential even to you. You may have to get a private investigator who has clearance.
And who else has better clearance than our private investigators, former DEA, FBI, IRS, and Secret Service agents? Call us today at 1-800-577-1080 and get the help you need to reclaim your hidden bank account.
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