| The contents of safe deposit boxes with
expired leases and no further rental payments or claims
eventually revert to state custody, but dormancy periods
vary widely by state. Due to confidentiality concerns,
both on the part of owners and the banks where the boxes are located,
this type of asset can be difficult to trace. Because many states auction the contents of escheated boxes after a number of years (although the cash received may always be available for claim, items of personal significance may be lost forever), prompt action is necessary. This is especially true in cases where the bank may have merged or gone into FDIC receivership. Even if it has been several years since the last rental payment has been made, it may still possible to recover personal items and/or cash. If you think a deceased family member may have had a box but don't know exactly where, go to: Safe Deposit Box Search |
| Special Note: A growing number of unclaimed property websites list dates when safe deposit auctions are to be held, often generating a substantial amount of interest for items ranging from jewelry and collectible coins to historic papers and sports memorabilia. Although the stated purpose of unclaimed property and escheat law is to preserve and protect lost and abandoned property, most statutes allow for the disposal of items that cannot be converted to cash, i.e. those with no appreciable commercial value. |
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