Yes, the Illinois RUUPA establishes different presumed abandonment periods for deposit accounts and Uniform Transfers to Minors Act (UTMA) accounts. For both deposit accounts generally and UTMA accounts, the presumed abandonment period is three years, but those periods begin to run on different dates.

For deposit accounts, the start date for the presumed abandonment period begins on “the later of maturity or the date of the last indication of interest” in the account. For UTMA accounts, the start date for the presumed abandonment period is the later of the date on which a mailing is returned undeliverable, the date on which a second communication is returned undeliverable if the first one is resent within thirty days, or the date on which the custodian is required to transfer the property to the minor or the minor’s estate under the UTMA.

Additionally, complex timing requirements apply to a UTMA account if your bank does not send communications to the custodian by first-class mail at least annually. If that is the case, then you must send an email no later than two years after the custodian’s last indication of interest. If your bank does not have the custodian’s email address, is notified that the email was not received, or receives no response within thirty days, then you must promptly contact the custodian by first-class mail. If that mailing is returned undeliverable, the start date for the presumed abandonment period is the later of the return date or the date on which the custodian is required to transfer the property to the minor or the minor’s estate under the UTMA.

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-201(6) (“When property presumed abandoned. Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (6) a demand, savings, or time deposit, 3 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner, except for a deposit that is automatically renewable, 3 years after its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal; . . .”)

• Illinois RUUPA, 765 ILCS 1026/15-204(a) (“Subject to Section 15-210, property held in an account established under a state’s Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of: . . .”)

• Illinois RUUPA, 765 ILCS 1026/15-204(b) (“If the holder does not send communications to the custodian of the minor on whose behalf an account described in subsection (a) was opened by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the custodian’s interest in the property by sending the custodian an electronic-mail communication not later than 2 years after the custodian’s last indication of interest in the property. However, the holder promptly shall attempt to contact the custodian by first-class United States mail if: . . .”)

• Illinois Uniform Transfers to Minors Act, 760 ILCS 20/21(b) (A UTMA custodian is required to transfer property to the minor “upon the earlier of: (1) the minor’s attainment of 21 years of age with respect to custodial property transferred under Section 5 or 6; (2) the minor’s attainment of majority under the laws of this State other than this Act with respect to custodial property transferred under Section 7 or 8; or (3) the minor’s death.”)