Yes. Under the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] (and the regulations promulgated under that law), any certificate of deposit accounts would not be presumed abandoned until five years after the maturity date of the first renewal or rollover of the account. For example, if a customer opens a five-year certificate of deposit account in Year 1, and the bank automatically renews the account for another five-year term in Year 6, then the dormancy period would not begin to run until Year 11 (the final maturity date of the renewal). Assuming there was no customer contact or activity on the account at any time, the account would be presumed abandoned in Year 16.

The general rule is that certificates of deposit are considered abandoned and must be reported to the Illinois State Treasurer after five years of no communication from the owner or activity on the account. 765 ILCS 1025/2(c) [Repealed effective 1/1/18]. However, if the account can be extended or rolled over automatically (where the bank “was authorized in writing to extend or rollover the account for an additional like period and such organization does so extend”), the bank should not report the account as abandoned until five years have passed since the “final maturity date.” 765 ILCS 1025/2(e) [Repealed effective 1/1/18]. The regulations clarify the meaning of “final maturity date” as either the fixed maturity date agreed to in the deposit agreement, or, if the deposit agreement does not provide for a fixed maturity date, as the maturity date of the first extension or rollover of the account. This is because “additional like period” is defined as “one extension or rollover with the date of the expiration of the extension or rollover period becoming the final maturity date for the deposit.” 74 Ill. Adm. Code 760.200 (emphasis in bold added).