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Millbury National Bank News
MNB Will Be Participating in Millbury Chain of Lights for First Time
On Sunday, December 8th, from 11 am - 4:30 pm, Millbury National Bank will be participating in the Millbury Chain of Lights celebration. MNB will be stop #9 along the Chain of Lights route. Stop in to see your favorite local bankers because the first 50 guests receive a free gift! We will also be offering complementary gift wrapping for all of your holiday presents. As an added bonus, we will also be offering hot apple cider and other various goodies for anyone who wants to stop in to warm up!
Dormant Account Status - What is it? How can I avoid it?
It is estimated that one person in every ten has unclaimed property. According to the Massachusetts Unclaimed Property Laws, most financial assets that have been inactive for more than three years are declared “unclaimed” and turned over to the Commonwealth. In June of 2012, Millbury National Bank instituted their dormant account fee to occur after one year of inactivity. The bank was encouraging their customers to use their accounts on a regular basis, and to prevent them from being escheated to the state.
What is a Dormant Account?
A dormant account at Millbury National Bank occurs after a one year period of inactivity. This does not include posted interest on savings accounts and money market accounts. This means that there has not been a withdrawal, deposit or transfer made to or from the account in question. This may prevent you from conducting transactions on your account, in person, online, and at an ATM.
How can I avoid a dormant account fee?
At Millbury National Bank, the best way to avoid a dormant account fee is to use the account regularly. If you are unable to use the account as frequent as you would like to, all the bank is looking for is for some activity on the account in a 365 day period. If this is satisfied, you can avoid the dormant account fee altogether. If you ever have any questions about this fee, please feel free to contact us at 508-865-9521.
What happens if my money gets escheated to the State?
In the event that money has been escheated to the State, there is a claim process that must be followed in order to attempt to reclaim the escheated assets. You can call the State during their normal business hours of Monday-Friday 8:45am to 5:00pm at 617-367-0400 or 1-800-647-2300. You can also write to them and mail your letters to:
Department of the State Treasurer
Commonwealth of Massachusetts
Unclaimed Property Division
1 Ashburton Place, 12th Floor
Boston, MA 02108-1608
In the State of Massachusetts, there are three levels of approval after the Division receives a claim form:
- Level 1: approval is first required to determine if the claimant has supplied proper documentation. If not, a letter will be sent to the claimant explaining what documentation is missing from the claimant's original submission.
- Level 2: approvals will occur after an examination of the returned documents determines that the claimant is the correct individual and eligible to make a claim.
- Level 3: approvals are given after verification of all documents provided are in good order and that Level One and Level Two approvals have been properly granted. Once it has been determined that all necessary documents have been provided, and in good order, a claim is approved for payment.
For more information on dormant accounts, unclaimed property and assets, please visit: http://abpweb.tre.state.ma.us/abp/abp.htm. This website has a great FAQ section and may help you in the event your account has gone dormant for three years, and has been sent to the State. But as always, if you ever have any questions about this fee, we pride ourselves on customer service…so give us a call and talk to your friendly, neighborhood bankers about how we can help you!
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