Topic: Unclaimed Property
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Does Illinois law prevent minor accounts from being reported as unclaimed property after five years of dormancy?
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A special rule in the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] extends the abandonment time period for certain types of minor accounts established under the Probate Act. 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. That section of the Probate Act enables a court to place a minor’s inheritance money into a custodial account…
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Does Illinois prohibit charging dormancy fees on minor accounts?
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Under Section 45.1 of the Illinois Banking Act, the same rules and regulations that apply to an account held by an adult apply to an account held by a minor. 205 ILCS 5/45.1. And, Illinois law permits a bank to determine an appropriate dormancy fee in accordance with the bank’s prudent business judgment and safe…
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Can we charge dormancy fees on inactive accounts?
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Illinois law permits a bank to determine an appropriate dormancy fee in accordance with the bank’s prudent business judgment and safe and sound operating standards. 205 ILCS 5/5e(b). Further, the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] allows the bank to withhold any lawful charges, including dormancy fees, from abandoned property. 765 ILCS…
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We reported a safe deposit box as abandoned property under the Uniform Disposition of Unclaimed Property Act. However, after drilling the boxes and doing inventories, we somehow lost track of the contents of the boxes. How should we report this to the State Treasurer?
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From the facts you gave us, we do not see any reason that you would be exempted from reporting the unclaimed property to the state. The Illinois Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] requires banks to report and remit funds and personal property from safe deposit boxes that have been dormant for…
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How are unclaimed deposit accounts handled after going into FDIC receivership?
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The FDIC has its own procedures for handling all deposit accounts of an institution after the initiation of the payment of insured deposits. 12 USC 1822(e). The statutory text describes the FDIC’s procedures: 1822(e) Disposition of unclaimed deposits 1822(e)(1) Notices.— 1822(e)(1)(A) First notice.—Within 30 days after the initiation of the payment of insured deposits under section 1821(f)…