Is there a time frame for claiming funds from a failed institution?

FDIC has a web page that lets you search a database of unclaimed funds from failed financial institutions. The database contains unclaimed insured deposits for financial institutions that were closed by a regulatory agency between 1/1/89 and 6/28/93. The Unclaimed Deposit Amendment Act enacted on June 28, 1993, says that unclaimed deposits for receiverships after that date escheat to the state of the depositor's last known address. If the address is unknown, the funds escheat to the state of the failed institution. Detailed instructions for searching the database and claiming funds can be found at http://www2.fdic.gov/funds/index.asp. Any claim for funds not on that database would have to be made directly to the state.

First published on BankersOnline.com 05/5/03