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Unclaimed Safe Deposit Boxes

Forgotten, Lost, or Unclaimed Safe Deposit Boxes.

This type of asset is one that is commonly lost by its owners and almost always goes unclaimed by family members and heirs after the death of the owner. The reasons for this is that family members rarely disclose this kind of information to other family members. Also, banks often move, change names, or even close its doors for good. No worries though, here is what happens to the abondoned, lost, or unclaimed safe deposit box.

In the case that the bank changes names or moves branches the contract between the owner and the financial institution will state the length of time that they will hold the box after inactivity or no positive owner contact. After that time the contents of the safe deposit box will be turned over to the respective state’s unclaimed property division.

In the case that the finacial institution closes its doors for good, it is possible the contents would be transfered immediately to the unclaimed property division. Unfortunately, the unclaimed property divisions do not always have room for these items, so they may periodically conduct auctions. The proceeds from the sale will be credited to an account in the owners name, less any bank liens, and will be paid to the owner, beneficiaries, or heirs upon claiming the safe deposit box and or account.