Did your bank or credit union go out of business? If so, there’s a good chance your account was insured by the FDIC. This means that any money left in a dormant (inactive) account will not just disappear; it goes to the government for safekeeping until you come forward to claim it.
Claiming money in an abandoned bank account may require you to complete a few steps. That’s because the bank or credit union needs to verify that the money actually does belong to you. Keep reading to learn more about how to claim unclaimed funds from a bank or credit union.
If you just remembered that you or a deceased relative have old bank accounts with unclaimed money, never fear. You can still have the opportunity to find unclaimed bank accounts at the FDIC website. When a bank goes under, the government takes over and guarantees that account holders can get their money out, even if it takes a while.
You don’t even need to remember the name of the bank or where it was located to find lost bank accounts, although you have the option of putting that information in to narrow your search. Really, all you need to see if you have an unclaimed bank account is your name.
If it turns out that the FDIC has unclaimed money in bank accounts in your name, you will need to provide more identifying details such as your Social Security number so they can verify that you are the rightful owner.
Credit Union Failures
The process works similarly if you have an unclaimed credit union account. Credit unions are not overseen by the FDIC like banks are, but are insured under the National Credit Union Administration (NCUA). You can find unclaimed bank accounts at credit unions nationwide by searching the database located on the NCUA website.
Unlike the FDIC, which has a form to help you find missing bank accounts, the NCUA posts a list online with names of those with unclaimed money from closed bank accounts at credit unions. Look through the list to find unclaimed bank accounts.
If your name is not on the list, then you may not have any lost bank accounts at credit unions. If it is, you can download a member verification form, which you will need to fill out and return to the NCUA Asset Management and Assistance Center. All of this information can be found on the NCUA website.