Dormant XTRM Accounts
Having a XTRM account go dormant, like all financial organizations, happens from time to time. Whatever the reason may be for an account to fall dormant, nobody wants to see the recipients money disappear. While the money still belongs to the customer, after a certain period of time XTRM is required to hand it over to the State. This is known as escheating an account.
How long before this happens?
Generally, a time frame of three to five years with no customer-initiated activity sends an account into dormancy. The amount of time that must lapse depends on the state in which the account was opened.
Do you try to notify the account holder?
Yes of course. Before sending the account to the state, we try to notify the account holder. If the customer does not respond within a certain amount of time, the balance on the account will be turned over to the state.
In a process known as “escheating” an account, we are required to turn over funds from the dormant account to the state treasury. Once the account is sent to the state, the funds are held as unclaimed property. For the account holder to reclaim the money, they will have to contact your state for the instructions on how to get their money back. They will need to complete and submit a claim form along with the necessary identification.They can visit www.unclaimed.org to initiate the process
How do account holders avoid letting their account go dormant?
- Keep their address and contact information updated on their XTRM account. If they keep your contact information, email, mobile number and address up-to-date, they will be be less likely to miss the final notification before an account is turned over to the state. If they allow the state to escheat an account, it could take months or even years to reclaim their funds.
- Review their XTRM account regularly. By doing this, they can identify which accounts to close to becoming officially inactive. Shift the funds to another account to make it less of a worry.
- Create account activity by logging in, making transfers and payments. By logging in and making transactions, keeping your account active should not be a problem.