I've had a Money Market Deposit Account that I haven't used in about three years. The bank where I have the account was purchased by another bank who has no record of my account. They said they don't know where my money is and that possibly it was given to the state of Illinois. How can I find my money and was this because the bank changed ownership?
Banks have very well thought out plans when ownership changes. They typically each use their own computer system until a conversion plan is worked out and all the existing accounts are transferred to the new bank's systems. It would be rare that an account would be lost in this process.
You might be on the right road when you ask about the money going to the state. Each state has their own escheatment laws. This law requires accounts without activity or customer contact to be turned over to the state after a given period of time. That time is defined by the state where the deposit is held.
Fortunately there is an easy way to look for your money. The National Association of Unclaimed Property Administrators web site has links to the states where you can see if their records show if you have money there. If you do, you'll be able to see what steps are necessary to get it back. You can also see what the rules are for each state. This might also be a good time to ask yourself what accounts you have that are not being used and to use them, or close and consolidate them to avoid escheatment.
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Banks have very well thought out plans when ownership changes. They typically each use their own computer system until a conversion plan is worked out and all the existing accounts are transferred to the new bank's systems. It would be rare that an account would be lost in this process.