Full question:
I returned to Iowa after five years last week. While I was in Iowa, I had a savings deposit in a bank. However, I had no contact or transactions with the bank the last five years I was away. What is the legal status of my savings deposit in the bank?
- Category: Abandoned Property
- Date:
- State: Iowa
Answer:
In Iowa, a savings deposit with a bank is considered abandoned if the owner has not communicated with the bank for three years. According to Iowa Code § 556.2, a deposit is presumed abandoned unless the owner has:
- Increased or decreased the deposit amount or presented evidence of the deposit for interest crediting.
- Corresponded in writing with the bank about the deposit.
- Indicated interest in the deposit through a memorandum on file with the bank.
- Maintained another relationship with the bank, which includes written communication.
- Received any written correspondence from the bank regarding the deposit that was not returned as undeliverable.
Since you have not had any communication with the bank for the last five years, your savings deposit may be presumed abandoned.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.