Property held by banks generally is presumed to be abandoned after five years of inactivity, but there are some exceptions. While various types of property are subject to longer or shorter periods, we are not aware of a three year abandonment period applicable to any type of property under the Illinois Uniform Disposition of Unclaimed Property Act.

Five Year Abandonment Period: The following types of property are presumed abandoned after five years of inactivity (however, we stress the importance of reviewing the Unclaimed Property Act to determine when the five year period begins to run):

• Demand, savings or matured time deposits

• Property held in an individual retirement account (IRA)

• Money deposited in a minor’s account as a ward, subject to a court order (pursuant to Section 24-21 of the Probate Act of 1975)

• Funds paid toward the purchase of withdrawable shares or other interest in a financial organization.

• Property removed from a safe deposit box or other safekeeping repository

• Checks or written instruments on which the financial institution is directly liable (such as certificates of deposit, drafts, money orders, etc.)

Exceptions to the Five Year Period: The following types of property have differing abandonment periods (again, you should consult the Unclaimed Property Act to determine when the abandonment period begins to run):

• Travelers checks are presumed abandoned after fifteen years

• Unclaimed wages, payroll or salary are presumed abandoned after just one year

We should note that the Illinois Treasurer’s website does state in an FAQ that a three-year period for a presumption of abandonment applies in most cases. That statement is incorrect.  

For resources related to our guidance, please see:

• Illinois Uniform Disposition of Unclaimed Property Act, 765 ILCS 1025/2 [Repealed effective 1/1/18] (This Section establishes the abandonment periods for unclaimed property held by financial organizations, including banks)