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Unclaimed Property/Escheatment Questions
To view an answer, simply click on the question.
What does "escheated" mean?
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Escheatment is the turning over of funds to the state for abandoned
property that appears in a firm's records. Each state has different
dormancy periods (period of time account must be dormant before it is considered
abandoned) for different securities. Funds that are turned over to the
state may later be reclaimed by the rightful owner.
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How do I obtain funds that have been escheated?
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Funds that have been turned over to the state may be claimed by
the original owner or heirs directly from the state. This process must start with
a person providing sufficient proof of ownership in a specific property.
Since each state has different requirements for documentation of ownership,
you should contact the state’s unclaimed property office and request their
specific instructions for making a claim.
If you would like to check for unclaimed property or need the phone number
or address of your state’s unclaimed property office, you can search the
following Internet website:
http://www.unclaimed.org
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What is unclaimed or abandoned property?
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Unclaimed/abandoned property is funds or property held in an account
for which Bankers Trust/Deutsche Bank is unable to locate the listed
owner over a specified period of time, usually three to five years depending
on the state of residence. These funds or property can be stocks, bonds,
other securities or the proceeds and/or interest/dividends from these securities.
If ruled abandoned or unclaimed these funds/properties may revert to the
listed owner's state of residence under the laws of escheat.
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