The bank will issue a refund for your remaining funds.
“My bank suddenly closed my account as an international student and is holding my money. How do I actually get my money back, what is the bank's process for releasing it, and can a closed bank account affect my visa status?”
Summary
The bank will mail you a check for your balance.
Read the full explanationHide the full explanation
Concerns about your visa status
If you have concerns about your specific immigration case, confirm with a licensed immigration attorney.
The bank's process for releasing funds
US banks are legally allowed to close a customer's account without giving prior notice. However, they cannot keep your money permanently.
If your account is closed with a balance remaining, the standard process is that the bank will issue a refund. They typically do this by mailing a physical check to the address they have on file for you. You will receive the remaining money as long as you do not owe the bank any money for past fees.
Next steps
Take these steps to make sure the check reaches you.
Contact the bank to confirm your address
Reach out to the bank immediately. Ask them about the procedure to collect your remaining funds, and make sure they have your correct, current mailing address on file so the check does not get lost in the mail.
Claim the money from the state if the check is lost
If you never receive the check and there is no contact between you and the bank for three to five years, the bank must turn the account balance over to the state. Every state has an unclaimed property program, and you can claim your money from the state's office later if it ends up there.
Legal sources
The rules governing bank account closures are outlined by the Office of the Comptroller of the Currency (OCC) and banking industry standards.
Bankrate
When a bank closes an account with a balance, they typically issue a refund by mailing a check.
If your bank account is closed with a balance remaining, the bank will issue a refund, typically by mailing you a check.
Bankrate
You will receive your remaining funds as long as you do not owe the bank for past fees.
If you receive a notice that your account is being closed, you will receive any money remaining in the account — as long as you don’t owe the bank any money for past fees.
OCC HelpWithMyBank
Banks are legally permitted to close an account without providing prior notice to the customer.
It may be lawful for banks to close a customer’s account under certain circumstances... and to do so without providing prior notice.
OCC HelpWithMyBank
If an account is inactive and the customer cannot be reached for three to five years, the bank will turn the funds over to the state's unclaimed property program.
Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state... The bank will then turn over the account balance to the state if there is no contact from the account holder.
This is general guidance, not legal advice. If you have concerns about your specific immigration case, confirm with a licensed immigration attorney.
SettleKit is not a law firm. This information is for educational purposes and does not constitute legal advice.
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