If a bank receives funds from a property claim, is it required to notify the homeowner?
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If a bank receives funds from a property claim, is it required to notify the homeowner?
Asked on December 27, 2015 under Insurance Law, Maryland
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The bank should notify the homeowner. If the bank attempted to notify the homeowner, but was unsuccessful; for example, change of address or other reasons, after a period of time which varies from state to state, the bank sends the unclaimed funds to the state as unclaimed property.
If that occurred, you can recover the funds from your state's unclaimed property department by submitting various forms and following the instructions on your state's unclaimed property website.
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