Cash in old bank account might be under state’s care

By June Watanabe

POSTED: 01:30 a.m. HST, Sep 26, 2012

~~Question: My sister started a passbook savings account for my daughter when she was born in 1997, depositing $100 at International Savings. I did not add to or withdraw from that account and found the passbook recently. International Savings has since closed, with the money still unclaimed. I have checked the online state unclaimed property website, but do not see it there. Would you know what happens to monies that are in an account of an institution that closed?
Answer: Financial institutions are obligated to “escheat” — turn over — unclaimed property to the state after five years, said Edward Pei, executive director of the Hawaii Bankers Association.
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Question: My sister started a passbook savings account for my daughter when she was born in 1997, depositing $100 at International Savings. I did not add to or withdraw from that account and found the passbook recently. International Savings has since closed, with the money still unclaimed. I have checked the online state unclaimed property website, but do not see it there. Would you know what happens to monies that are in an account of an institution that closed?

Answer: Financial institutions are obligated to “escheat” — turn over — unclaimed property to the state after five years, said Edward Pei, executive director of the Hawaii Bankers Association. Login for more...