Each state has their own rules or laws governing what constitutes unclaimed property as well as when is the property classified as unclaimed or abandoned property. Read on for a sampling.
Under Wisconsin’s unclaimed property law, banks, savings institutions, credit unions, insurance companies, utility companies and other businesses must report when they have somebody’s money in an account that hasn’t been active for five years and they cannot locate the owner.
In Michigan if the account remains dormant for a year, the banks are legally obligated to turn it over to the state.
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Each state has their own rules or laws governing what constitutes unclaimed property as well as when is the property classified as unclaimed or abandoned property. Read on for a sampling.<\/p>\n\n\t
<\/p>
Under Wisconsin<\/strong>’s unclaimed property law, banks, savings institutions, credit unions, insurance companies, utility companies and other businesses must report when they have somebody’s money in an account that hasn’t been active for five years <\/strong>and they cannot locate the owner.<\/p>\n\n\t <\/p> In Michigan<\/strong> if the account remains dormant for a year<\/strong>, the banks are legally obligated to turn it over to the state. <\/p>\n\n