Keep Your Funds Safe from Abandonment
Learn more about inactivity, escheatment and how you can keep your M&T accounts active.
Keep your accounts active.
State laws require that financial accounts which show no signs of activity must eventually have their funds given to the state where the account holder resides so that the state can attempt to recover the funds for their resident. This is known as escheatment. Types of properties that can be escheated include, but are not limited to, deposits accounts (checking, savings, CDs, etc), uncashed checks and safe deposit box contents.
Activities that keep an account active vary by state and account type. However, the universal way to keep an account active is through direct transactions - this requires making a manual deposit or withdraw from any account that you have with M&T Bank. If you are currently having trouble accessing your account, this option will not be available for you.
Prevent your funds from being given to the state.
Exact laws and regulations for what constitutes account activity, and when accounts are turned over to the state, vary by state and account type. Generally, accounts begin the process of escheatment after 2-3 years of inactivity. Now, when you are active on any of your accounts, all of your accounts will remain active. Thus, accounts will begin the process if escheatment after 2-3 years of complete inactivity with the bank.
Some states do not follow this policy such as AK, AR, AZ, Guam, HI, MO, MS, NM, NV, PR and USVI. Find your state's rules for time frames by account type at the non-profit National Association of Unclaimed Property Administrators, part of the National Association of State Treasurers.
I've received an abandoned funds letter from M&T.
If you've received an abandoned funds letter, you may not have access to your account and in order to regain access and better understand your account status, you must follow the steps on the letter to reactivate your account. This usually requires filling out and returning the acknowledgement form attached to the letter or by contacting M&T directly at 1-800-724-2440.
I believe my funds have already been turned over to the state.
If you believe your funds have already been turned over to your state, you can visit the National Association of Unclaimed Property Administrators to find a directory of state websites where you can check if they've received your funds. You can also contact M&T directly at 1-800-724-2440 and we can verify if your funds have already been forfeited to the state and assist you in understanding your next steps.