Tools + Technology

A dormant savings account is one that carries a low balance and has had no deposits in a long time. Dormant accounts represent a cost to financial institutions, as they are required to keep records of the account and send statements and other paperwork. To reduce and avoid future costs, financial institutions are permitted to close these accounts and transfer the funds to the state treasury department through a process known as escheatment. This money isn’t lost, but it is difficult to access. Fortunately, there are several steps you can take to keep your account out of dormancy....