> Old Savings Account?

Old Savings Account?

Posted at: 2015-07-28 
My boyfriend and I opened a savings account about 10 years ago and we put money in and never touched it since. We forgot about the account and lost all information about it. My question is can the bank look up our account some way and shouldn't it have drawn interest?

A savings account would have been making a low interest rate; particularly now. Worse is the bank may have been charging you a fee for inactivity. Depending on how much you had deposited there, you may just want to leave it alone. You might find that the bank thinks you owe them money because of all the fees!

Depending on how long it's been, the bank may still have the money or they may not. If you moved and they were unable to reach you, etc. they may have considered the account abandoned. Generally what happens in this instance is the money is turned over to your state's department of revenue. Each state has an unclaimed property registry. Check there if the bank can't help you. Just Google your state and "missing money" or "unclaimed property."

A savings account will be earning you less interest than inflation is costing you. So technically you may have a few dollars there.

Side note, if it was earning interest, you better have been paying taxes on that earned income. :)

Should have drawn interest for awhile, but then gone dormant.