Escheatment

The legal process by which funds in a dormant or abandoned account are turned over to the state after a period of inactivity set by state law — commonly three to five years with no owner-initiated activity. The bank must generally attempt to notify you first; once funds escheat, the institution is no longer holding them. Owners (or their heirs) can usually reclaim escheated money indefinitely from the state's unclaimed-property office at no cost.