IBA Compliance Connection

Your go to source for compliance!

We recently inspected the safe deposit boxes of an institution that our bank recently purchased. One box was listed under the bank’s records under the bank’s name, and it contains what apparently are “found” items, including an item of jewelry and bullion. None of the former institution’s employees can tell us where these items came from, or even where or when they were “found.” If we cannot determine the source or ownership of these items, what should we do with them?

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In light of the very limited information available, we recommend reporting these items as unclaimed property to the State Treasurer. You also may wish to contact the State Treasurer for some further direction before submitting a report on these items, as your bank will be unable to provide most of the required information (such as a name and last known address for a possible owner, or even the date of the bank’s last interaction with the owner).

For resources related to our guidance, please see:

  • Uniform Disposition of Unclaimed Property Act, 765 ILCS 1025/2(d) [Repealed effective 1/1/18] (“Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired, subject to lien of the holder for reimbursement of costs incurred in the opening of a safe deposit box as determined by the holder’s regular schedule of charges.”

  • Uniform Disposition of Unclaimed Property Act, 765 ILCS 1025/11 [Repealed effective 1/1/18] (Requiring holders to report “(1) the name, social security or federal tax identification number, if known, and last known address, including zip code, of each person appearing from the records of the holder to be the owner of any property of the value of $5 or more presumed abandoned under this Act; . . . (3) the date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; . . .”)

  • Revised Uniform Unclaimed Property Act, 765 ILCS 1026/15-205 [Effective 1/1/18] (“Tangible property held in a safe-deposit box are presumed abandoned if the property remains unclaimed by the apparent owner 5 years after the expiration of the lease or rental period for the box.”)

  • Revised Uniform Unclaimed Property Act, 765 ILCS 1026/15-402 [Effective 1/1/18] (Requiring holders to report “the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $5 or more,” among other information.)