What Does Escheatment Mean?
Escheatment occurs when funds in an account show no activity or contact from the owner for a period defined by state law — typically three to five years. After this time, the funds are classified as unclaimed or abandoned property.
Examples of unclaimed property include:
- Checking or savings accounts
- Brokerage or investment accounts
- 401(k) or pension funds
- The contents of safe deposit boxes
Why Is This Happening, and How Can I Prevent It?
Every U.S. state and territory has its own laws that determine when an item of value is considered “abandoned.” In general, an account is considered inactive if the owner has not used their account, such as logging in or making a transaction within the state’s dormancy period (usually 3–5 years).
What Happens to My Funds?
If your CoinZoom account becomes inactive long enough to be considered abandoned under your state’s unclaimed property laws:
Every U.S. state and territory has its own laws that determine when an item of value is considered “abandoned.” In general, an account is considered inactive if the owner has not used their account, such as logging in or making a transaction within the state’s dormancy period (usually 3–5 years).
What Happens to My Funds?
If your CoinZoom account becomes inactive long enough to be considered abandoned under your state’s unclaimed property laws:
- Digital assets may be converted to U.S. dollars,
- The proceeds are then remitted to your state’s unclaimed property office,
- The funds remain there until you, as the rightful owner, claim them.
Currently, most states require the transfer to occur in U.S. dollars. CoinZoom continues to monitor state regulations as digital asset frameworks evolve.
How Can I Reclaim My Funds?
To recover funds that have been turned over to your state:
- Visit your state’s unclaimed property website.
- Search for your name or business to locate your funds.
- Follow the claim instructions provided by your state.
For more information or to find your state’s unclaimed property portal, visit the National Association of Unclaimed Property Administrators (NAUPA). You can also find contact information for your states unclaimed property division on the NAUPA website.