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5 tips for finding unclaimed property

Finding accounts from shuttered banks
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If you had an account with a bank or savings and loan that was closed by a regulatory agency between January 1989 and June 28, 1993, the Federal Deposit Insurance Corp. may have some money with your name on it. Unclaimed insured deposits are available for as long as the institution is still under FDIC receivership. You may claim a dividend check for an uninsured portion of a deposit after that period if the U.S. Postal Service returned the check as undeliverable. Here's where to find out if you're on the FDIC's unclaimed funds list.

"In the mid '90s, there was a change in the law, (which is) why our database goes only until June 28, 1993," says FDIC spokesman David Barr. "Now, when a bank fails, any unclaimed funds on hand 18 months after the closing are returned to the FDIC, (which) then turns them over to the individual state unclaimed property bureaus."

The National Credit Union Administration's Asset Management and Assistance Center in Austin, Texas, is in charge of paying out members' share accounts whenever a federally insured credit union is liquidated. You can access a list of unclaimed deposits online.


 

 

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