The UK was the first on the scene with this idea with the 2008 Dormant Bank and Building Society Act. It was passed just in the knick of time right as the entire financial system was collapsing.
In case you’re wondering, yes of course, the Land of the Free has similar rules.
In fact, each of the 50 states has its own regulations pertaining to the seizure of dormant accounts. And the grand prize goes to… the great state of Georgia!
Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.
In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.