Banks are a large cause for unclaimed money. Washington Mutual bank, which stopped its operation in 2008, has reported to have handed over almost $252 million to the different state treasuries. New York-based JPMorgan Chase & Co. purchased the bank’s assets after its failure and passed inactive accounts, which had no deposits or withdrawals for three years, to the (FDIC) Federal Deposit Insurance Corp.
Reliable resources at FDIC have revealed that FDIC had mailed claim forms to the last known addresses of any account holder with more than $75 due. The names of persons who had at least $25 in accounts had their names posted online. J.P Morgan Chase had sent out all the notification letters to the owners of unclaimed accounts intimating them of the impending transfer of funds to FDIC.