Got a ridiculous letter from my bank today:

If you don't transact on a bank account in Utah for X amount of time, the account is considered "unclaimed property" and its full balance gets transferred to the state.

🙃

This is common in most states. The state holds your funds on your behalf, and the funds can be reclaimed at any time in the future. Interestingly, many states even aggregate your claims and send you notices to make it even easier.

There's a good Planet Money episode on this https://twitter.com/ljxie/status/1285738391951179776

Yea it’s called Escheatment law & it’s notorious in Gift Card world. Pro-tip: Always have a Gift Card subsidiary in Arizona ;)

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