Closed Bank Accounts
Banks routinely close inactive accounts and our California Elder Abuse attorneys have seen this happen to seniors especially. An account may have been opened years ago and forgotten or addresses changed. Banks close accounts due to inactivity over periods of time. When a bank closes an account, the funds in the closed account are subject to California’s Unclaimed Property Law.
California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years).
Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. The State Controller safeguards this lost or forgotten property as long as it takes to reunite it with the rightful owners; there is no deadline for claiming it once it is transferred over to the State Controller’s Office. It is easy to find out if the Controller is protecting property in your name.
Here’s a link to the California Unclaimed Property website: https://www.sco.ca.gov/upd_msg.html
If you or a loved one been the victim of financial elder abuse or bank or securities fraud anywhere in California, contact California financial elder abuse attorney Ingrid Evans and the other Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with all types of financial elder abuse, investment and securities fraud and annuity fraud. We can help guide your case through a bench or jury trial, or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.