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Getting Funds from Old Account
I have a friend who has an old bank account, which shows that the last activity was in 1998. The bank, Cen Fed Bank, is now Citibank, and Citibank says that they have no record of her account. What can she do to get her money?
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 CenFed has gone through several mergers and acquisitions since 1998, and is, indeed, part of Citibank. However, it's not surprising that Citibank has no record of the account.
California, like all states, has an Abandoned Property law that requires banks to attempt to contact customers who appear to have abandoned or forgotten accounts or other property under the bank's control, and surrender to the state accounts and other property that remain unclaimed after a statutory period of time (three years or more in most cases). If your friend can't recall closing out the account, she can check the website operated by the California Unclaimed Property Division. That agency is holding over $5 billion in unclaimed assets, and she might just find her money there.
Likely your state laws will have deemed the account dormant or inactive and that means, in the state's eyes, the money was abandoned. The state then requires that they hold the money. It still belongs to your friend, and with a little proof she can get it back. Hopefully this will help in the recovery, so check this website and see if the money is with the state.
Published on BankingQuestions.com 5/05/10
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