Heads Up: We Might Reach Out

Think you'd never forget about a bank account? It happens more often than you might think.
In fact, it's estimated that more than $80 billion in unclaimed property is waiting to be claimed.

Dormant financial accounts are often the result of forgetfulness, inactivity, or the account owner's death.

What happens to dormant accounts?

If an account goes unused for too long, the funds may escheat, meaning they're transferred to the state as unclaimed property. In Maryland, financial accounts with no owner-initiated activity for three years are considered abandoned and must be reported and transferred to the state.

The good news: it's easy to prevent.

Keep your accounts active

It only takes a minute to keep your Tower account(s) active. Simply:

• Log in to Tower's Digital Banking regularly to view all of your accounts 
• Make a small deposit or other qualifying transaction on each account at least once a year.

These simple steps help keep your accounts active and may also help you avoid an Inactive Account Fee.

Moved recently? Update your address.

Many inactive accounts occur because members move and forget to update their contact information. Keeping your mailing address current helps ensure you receive important notices about your accounts.

You can update your address in several ways:

• Log in to online banking and select Help & Support > Settings > Contact
• Log in to our mobile app and tap More > Settings > Contact
• Complete the Change of Address form on our website under Forms.

Watch for a letter

If you have not logged in to Digital Banking—either online or in our app—or made a transaction on your Tower account(s) in the past three years, you'll receive a letter from us with instructions on how to keep your funds from being transferred to the state.

If you have questions, please contact our Member Service Center.