I have money in a passbook savings account that had no activity for seventeen years. Is that money turned over to the state (NJ)? Is there any way to reclaim it with the passbook as proof of ownership?
There are many companies willing to help you find your money. Many charge a fee and for that reason, try to search for yourself first. A few links are provided below to assist you.
Most states have a five or three year period on inactivity before a bank account is considered dormant or abandoned. When this happens and the bank has not had contact with you, such as a transaction in your account, the funds would go to the state to be managed. A few years ago the New Jersey time period was ten years, but that may have been reduced. In any case, seventeen years means that your money likely went to the state already if the bank classified the account as "abandoned."
If the state is holding your money, your first task is to see where it is and how much is there. The links below can help. Then you'll follow your state's prescribed process to prove the money is in fact yours. You would still be the rightful owner and they will return these funds to you.
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There are many companies willing to help you find your money. Many charge a fee and for that reason, try to search for yourself first. A few links are provided below to assist you.