Unclaimed Balance

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Unclaimed Balance

Money in a bank account that has not been accessed or use for an exceptionally long period of time. After a certain number of years (usually about five), unclaimed balances become abandoned property and the state may claim ownership.
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However, with a view to protect the financial interests of the senior citizens, it is proposed in this new budget that a committee will be set up to study how the unclaimed balances with Public Provident Fund, Post office savings account and other savings schemes can be utilised.
If no owner information exists or if owner information is challenged, then the holder's state of incorporation (State C) may have a basis for escheating unclaimed balances.
Alternatively, if the state of the owner's residence (State B) does not escheat unused gift card balances, then the holder's state of incorporation (State C) may have a basis for escheating unclaimed balances.
If neither State B nor State C escheats unused gift card balances, then State A may have a basis for escheating any unclaimed balances.
He also had loans totalling pounds 40,000 credited to her account but was finally caught out when in May 2003 he transferred pounds 50,000 from the bank's unclaimed balances account into her high interest savings account.
He claimed the transfer from the unclaimed balances account had been done in error.
HAVE a look in your files or cupboards for old, unused bank books, as there are thousands of pounds lying around in unclaimed balances.
7) Given the enormous growth in the sale of retail gift cards in recent years, and an estimated 5 percent average rate of nonredemption of card value by gift-card owners, it is almost inevitable that in coming years states will more closely scrutinize service charges that are deducted from unclaimed balances by gift certificate and gift-card issuers.
In a new effort to help customers keep their own money and reduce the amount of checking, savings and other unclaimed balances sent to the state each year, First National Bank & Trust is announcing a major push to reduce dormant accounts and keep customers' money from being escheated to the Indiana Attorney General's Office.