First National Bank & Trust Seeking Owners of More Than $100,000 in Unclaimed Deposits; Annual Bank-Wide Effort Designed to Track Down Those With Dormant Accounts.KOKOMO, Ind. -- In a new effort to help customers keep their own money and reduce the amount of checking, savings and other unclaimed balances sent to the state each year, First National Bank & Trust is announcing a major push to reduce dormant accounts and keep customers' money from being escheated to the Indiana Attorney General's Office. For purposes of the Unclaimed Property Act, escheat The power of a state to acquire title to property for which there is no owner.
The most common reason that an escheat takes place is that an individual dies intestate, meaning without a valid will indicating who is to inherit his or her property, and without relatives who is defined as submission of property for which the owner cannot be found, thus the property is presumed abandoned.
The new cross-functional effort calls for the bank's Bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. , Retail and Audit departments to work together to track down those who have forgotten they have accounts with First National Bank & Trust. A dormant account is an account that does not have any activity (deposits or withdrawals) during an agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations"
noncontroversial, uncontroversial - not likely to arouse controversy time. Savings accounts, checking accounts and matured deposits can remain dormant for five years before being sent to the state. Outstanding official checks can remain dormant for seven years before being turned over to the state.
Every state has unclaimed property laws which declare money, property and other assets other assets
Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. to be abandoned after five to seven years of inactivity, with no other bank relationship or valid mailing address. During this abandonment period, banks, hospitals, brokerage firms, mutual funds, insurance companies, utilities and other organizations are required to try to return the valuables to their rightful owners. If they are unsuccessful, they are required to send the property to the state's abandoned-property division or unclaimed property office.
"Money that belongs to you might be right here at First National Bank & Trust," said Dave Thomas, First National Bank & Trust's Vice President of Operations and the coordinator of the annual review of dormant accounts now underway. "We are asking those who think they may have a dormant account with First National Bank & Trust to stop by one of the First National Bank & Trust Financial Centers or call our customer service center at 800-876-3237."
Nationally, unclaimed property offices and the various state revenue departments currently hold several billion dollars of "lost money" belonging to millions of people.
To prevent property from getting lost, consumers should keep an up-to-date list of all their family's assets, including bank accounts, certificates of deposit, mortgage escrow escrow
Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. accounts, retirement accounts (IRA Ira, in the Bible
Ira (ī`rə), in the Bible.
1 Chief officer of David.
3 Two of David's guard.
IRA. , Keogh, and 401(k)), layaways, stocks, bonds, mutual funds, life insurance policies, security deposits, and safe deposit boxes A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. . If they change their name or address, they should write to the address associated with each asset to notify them of the change. Likewise, if they regularly receive insurance benefits or dividends, and the checks stop coming, promptly notify the company of the problem.
First National Bank & Trust unclaimed accounts include:
--Dormant Checking Accounts
--Dormant Savings Accounts
--Certificates of Deposit
--Safe Deposit Box Contents
--Uncashed Cashiers Checks
If a customer calls or stops by First National Bank & Trust, the bank will confirm the customer's identity and check the database to see if there is a match. In order to receive the forgotten or lost funds, customers will need to provide the following:
--Driver's license or other photo ID,
--Proof they resided at the address on the account (a bill, bank statement or tax return showing their name at the address on file), and
--Proof they are the beneficiary, if the money is in someone else's name.
Those who may have accounts that have already been sent to the state may contact the Attorney General's Office, Unclaimed Property Division, 402 West Washington, Suite C-531, Indianapolis, IN 46204 or call them at 1-317-232-6348 or 1-800-447-5598. You can also search by name on the Indiana Attorney General Website at: http://www.in.gov/apps/ag/ucp/ucp
First National Bank & Trust
First National Bank & Trust (www.firstnationalbank.com) is one of Indiana's largest privately held banks. Headquartered in Kokomo, Indiana For the band, see .
Kokomo (IPA: [ˈkoʊ.kə.moʊ]) is the county seat of Howard CountyGR6, Indiana, United States, Indiana's 13th largest city. , First National Bank & Trust has nearly $1.5 billion in assets and 27 full-service banking offices located throughout central Indiana. First National Bank & Trust operates financial centers in 20 communities, including: Brazil, Carlisle, Carmel, Clay City Clay City can refer to:
Geist Community Website , Kokomo, Logansport, Marion, Martinsville, Mooresville, Noblesville, Plainfield, Richmond, Shelburn, Sullivan, Terre Haute Terre Haute (tĕr`ə hōt, tĕr`ē hŭt), city (1990 pop. 51,483), seat of Vigo co., W Ind., on the Wabash River; inc. 1816. , and Tipton. First National Bank & Trust is a full financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. provider including retail and commercial banking and trust services. Hasten Bancshares is the parent company of First National Bank & Trust and its two subsidiaries, First National Investments and First National Insurance.