Yes, we believe that your bank may (and should) report and remit the safe deposit box property to the Treasurer’s office under the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA).

Generally, the Illinois RUUPA provides that safe deposit box property is considered unclaimed five years after the expiration of the lease or rental period for the box. Here, your bank unilaterally extended the term of the lease period by withdrawing rental fees from the customer’s deposit account. However, we do not recommend treating this activity as an indication of interest in the property by the customer — your bank’s setoff did not require any action by the customer, and the customer likely is unaware of this activity. Consequently, we recommend that your bank report and remit the property held in the safe deposit box once five years have passed from the expiration date (i.e., this year).

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-205 (“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.”)