Keep Your Funds Safe from Escheatment
Learn more about how to keep your account active to prevent it from being escheated.
Keep your accounts active.
State laws require that financial accounts which show no signs of customer contact or customer-initiated activity must eventually be treated as unclaimed property have their funds transferred to the state where the account was opened or where the account holder resides, according to our account records. The funds will then be publicly listed online by the state as unclaimed property, to help reunite the account holder with their money. The process of transferring unclaimed property to the state 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, one of the easiest ways to keep an account active is through customer-initiated transactions - this requires making a non-automated deposit or withdraw from any account that you have with M&T Bank.
Prevent your funds from being turned over 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 2-5 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 of escheatment after 2-5 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.
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 inactive account status, you must follow the steps on the letter to reactivate your account.
This 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 also contact M&T directly at 1-800-724-2440 and we can verify if your funds have already been transferred to the state and assist you in understanding your next steps.