If you’ve received a notice about unclaimed funds or escheatment, this article explains what it means and what to do next.

What is escheatment?

Escheatment is a legal process required by state governments. When funds remain unclaimed in a closed or inactive account for a certain period of time, financial institutions are required to transfer those funds to the state.

Once funds are escheated:

• The state holds the money on behalf of the owner.

• The owner can claim the funds directly from the state.

• This process is governed by state law and helps ensure funds are safeguarded until claimed.

Where is my remaining balance?

Depending on the situation, remaining funds from a closed account may be:

• Refunded to you (for example, by check), or

• Transferred as unclaimed funds as part of the escheatment process

If funds are transferred for escheatment, they’re no longer held by Bluevine and are instead sent to the appropriate state authority.

I received a letter about unclaimed funds. Is it legitimate?

Yes. Bluevine works with a trusted third-party partner, Eisen, to help manage required outreach and filings related to unclaimed funds.

You may receive a letter asking you to confirm ownership or provide instructions before funds are transferred to the state. This outreach gives you the opportunity to claim your funds.

How do I claim my funds?

Your next steps depend on where your funds are in the process:

• If you received a notice: Follow the instructions in that communication.

• If funds were already escheated: You’ll need to submit a claim directly with the state holding the funds.

Each state has its own unclaimed property website and claim process.