Ever get the feeling you might have left money behind somewhere? With our fast-paced lives and a growing number of online and brick-and-mortar banks, it’s easier than ever to lose track of old checking, savings, or even investment accounts. These forgotten bank accounts can sometimes hold surprising amounts of money—money that’s just sitting there, waiting to be claimed.
A recent survey by the National Association of Unclaimed Property Administrators revealed that billions of dollars in unclaimed funds are currently held by banks and financial institutions. Many people think they’d never lose track of their hard-earned cash, but it happens more often than you’d think, especially if you’ve moved, changed jobs, or switched banks.
Let’s get into the six most common places where you might find a forgotten bank account and how to track it down before it’s lost to fees or government escheatment.
1. Old Employers and Payroll Direct Deposits
One of the most overlooked sources of forgotten money comes from previous employers, particularly if you ever had your paychecks deposited directly into a bank account. When people switch jobs, they often forget to close the old account or transfer the funds.
Sometimes, the bank account remains open but dormant, quietly accruing fees until it’s closed by the bank. Other times, the account stays active, with the balance slowly dwindling as the bank charges monthly maintenance fees.
To find these accounts, review your old pay stubs or tax returns to see where your direct deposits were sent. Contact the bank or credit union associated with those accounts to check for any lingering funds. Even if you think you closed the account, it’s worth double-checking, as some banks keep accounts active for a period even after they’re marked closed, especially if there were any unresolved transactions or balances.
2. Credit Unions and Community Banks
Many people open accounts at small community banks or credit unions because they offer great rates or services that larger banks don’t. However, they may later move, switch jobs, or find better online banking options and forget all about their local branch.
Unlike larger banks that may proactively send letters or try to reach you when your account goes dormant, smaller institutions often lack the resources to do so, leaving money unclaimed for years.
To locate these accounts, make a list of every city or town you’ve lived in and cross-reference it with credit unions or small banks in those areas. A quick phone call with your name, Social Security number, and old address might be enough to uncover a hidden account you’d long forgotten.
3. Online Banks and Digital Wallets
The rise of online banks and digital wallets has made it easier than ever to manage your money, but it’s also made it easier to forget about. Many people open accounts online for high-yield savings rates or to pay a specific bill, only to abandon them later.
These accounts might not send paper statements, relying on email notifications instead. If you changed email addresses or stopped checking your old inbox, you could have missed important updates or notices about your funds.
Check your emails for account confirmation messages from popular online banks or financial apps. Search your inbox using terms like “account setup,” “welcome,” “bank,” or “statement.” Also, review old passwords or digital vaults you used to manage your online financial life. You might discover funds that have been sitting untouched, waiting for you to claim them.
4. Joint Accounts and Shared Bank Accounts
Joint accounts—such as those opened with a spouse, partner, parent, or child—are another common source of forgotten money. After a divorce, death, or simply a falling out, one party might forget about the account altogether.
In some cases, joint accounts remain open even if one party assumes it was closed. Meanwhile, maintenance fees or automatic payments could be draining the balance.
To find joint accounts, think about every major relationship or living arrangement you’ve had. Did you open a shared account for household expenses or rent? Did you co-sign an account for a child’s college expenses? Reach out to any banks where you think you might have opened a joint account and provide your information. Even if the account balance is small, it’s your money, and you deserve to reclaim it.
5. Banks That Merged, Closed, or Changed Names
The banking industry is no stranger to mergers and acquisitions. Banks regularly consolidate, close branches, or rebrand under new names. During these transitions, some customer accounts can get lost in the shuffle, especially if customers moved away or stopped using the account before the merger.
If you remember opening an account at a bank that’s no longer around, don’t assume your money disappeared with it. By law, banks are required to transfer dormant accounts to the appropriate state’s unclaimed property office after a period of inactivity (usually 3-5 years).
Start by searching online for the name of your old bank plus the phrase “merger” or “acquisition.” You’ll often find news articles explaining which bank took over. Contact the current institution and ask for a dormant account search. It might take some paperwork and proof of identity, but it’s worth the effort to recover funds you didn’t realize you still had.
6. State Unclaimed Property Offices
If all else fails, the best place to search for forgotten accounts is through your state’s unclaimed property office. Every state in the U.S. has a government office that collects dormant bank accounts, uncashed checks, unclaimed dividends, and other abandoned assets after a certain period of inactivity.
You can easily search these offices online, usually for free. Go to the National Association of Unclaimed Property Administrators (NAUPA) website (unclaimed.org) to find your state’s official site. Enter your name and other identifying details to see if you have any unclaimed funds waiting.
Keep in mind that unclaimed funds can also include other assets like insurance proceeds, refunds, or even safe deposit box contents, so it’s worth checking regularly.
Don’t Let Your Money Stay Hidden
The thought of forgotten money might seem like something that only happens to the scatterbrained or the super-wealthy, but it’s more common than most people think. Life gets busy, moves happen, email addresses change, and all it takes is a single oversight to leave your money sitting in a dormant account.
Start your search today. Make a list of every place you’ve lived, worked, or banked. Search online banking records, old paperwork, and your email archives. Check with state unclaimed property offices and even consider talking to a financial advisor who can help you navigate the process. Remember that money is yours, and you have every right to get it back.
Have you ever found a forgotten bank account or even a small windfall from an unclaimed property search?
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