#Mymoney utah gov how to

If an account is dormant and the owner cannot be contacted, they may have forgotten about their account or aren't monitoring what's going on in it. This task may become difficult if an account owner has moved and/or acquired new contact information without notifying their credit union or bank. They will normally send some form of 'unclaimed property notification' to those with dormant accounts. Financial institutions usually make reasonable efforts to contact the owners of dormant accounts before any funds are escheated. One of the purposes of escheatment is to collect unclaimed money in order to make sure it isn’t misused without the knowledge of the owner. If you remember about your account after the funds are escheated, you can still get the money back-but keep in mind that you'll have to go to the state for assistance, not your credit union. The official term for this process is escheatment. If the account remains dormant for long enough, the funds must be transferred to the care of the state. Because you haven’t used it, the account goes dormant. A couple of years pass, and you forget about the account. The only problem is that your plan works a little too well. Your plan is to use it as a place to save some extra money without being tempted to spend it. Let’s say you open an account at your local credit union.

#Mymoney utah gov how to

Here’s how to find out if you have any money waiting for you and how to reclaim it. Did you know that your state may be hanging onto some of your cash? What’s more, you may even be able get it back.