§ 556.2

556.2 Property held by banking or financial organizations or by business associations. The following property held or owing by a banking or financial organization or by a business association is presumed abandoned: 1. Any demand, savings, or matured time deposit made in this state with a banking organization, together with any interest or dividend, excluding any charges that may lawfullybe withheld, unless the owner has, within three years: a. Increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest. b. Corresponded in writing with the banking organization concerning the deposit.c. Otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization. Such memorandum shall be dated and may have beenprepared by the banking organization, in which case it shall be signed by an official of thebank, or it may have been prepared by the owner. d. Had another relationship with the bank in which the owner has:(1) Communicated in writing with the bank.(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an

her relationship with the bank in which the owner has:(1) Communicated in writing with the bank.(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the bank and if the bank communicates in writing with theowner with regard to the property that would otherwise be abandoned under this subsectionat the address to which communications regarding the other relationship are regularly sent. e. Been sent any written correspondence, notice, or information by first class mail regarding the deposit by the banking organization on or after July 1, 1992, if thecorrespondence, notice, or information requests an address correction on the face of theenvelope, and is not returned to the bank organization for nondelivery, and if the bankorganization maintains a record of all returned mail. 2. Any funds paid in this state toward the purchase of shares or other interest in a financial organization or any deposit made in this state, and any interest or dividends, excluding anycharges that may lawfully be withheld, unless the owner has within three years: a.

interest in a financial organization or any deposit made in this state, and any interest or dividends, excluding anycharges that may lawfully be withheld, unless the owner has within three years: a. Increased or decreased the amount of the funds or deposit, or presented an appropriate record for the crediting of interest or dividends. b. Corresponded in writing with the financial organization concerning the funds or deposit. c. Otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on file with the financial organization. Such memorandum shall be dated and may have beenprepared by the financial organization, in which case it shall be signed by an officer of thefinancial organization, or it may have been prepared by the owner. d. Had another relationship with the financial organization in which the owner has:(1) Communicated in writing with the financial organization.(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the financial organization and if the financial organizationcommunicates in writing with the owner with regard to the property that would otherwisebe abandoned under this

e prepared by an employee of the financial organization and if the financial organizationcommunicates in writing with the owner with regard to the property that would otherwisebe abandoned under this subsection at the address to which communications regarding theother relationship are regularly sent. e. Been sent any written correspondence, notice, or information by first class mail regarding the funds or deposits by the financial organization on or after July 1, 1992, ifthe correspondence, notice, or information requests an address correction on the face ofthe envelope, and is not returned to the financial organization for nondelivery, and if thefinancial organization maintains a record of all returned mail. 3. Any property described in subsections 1 and 2 which is automatically renewable is matured for purposes of subsections 1 and 2 upon the expiration of its initial time period, butin the case of any renewal to which the owner consents at or about the time of renewal bycommunicating in writing with the banking or financial organization or otherwise indicatingconsent as evidenced by a memorandum or other record on file prepared by an employeeof the organization, the property is

g in writing with the banking or financial organization or otherwise indicatingconsent as evidenced by a memorandum or other record on file prepared by an employeeof the organization, the property is matured upon the expiration of the last time providedfor which consent was given. However, consent to renewal is deemed to have been given ifthe owner is sent written notice of the renewal by first class mail which requests an address Sat Dec 23 11:04:20 2023 Iowa Code 2024, Section 556.2 (27, 3) §556.2, DISPOSITION OF UNCLAIMED PROPERTY 2 correction on the face of the envelope, the notice is not returned for nondelivery, and thebanking or financial organization maintains a record of all returned mail. If at the time periodfor delivery in section 556.13, a penalty or forfeiture in the payment of interest would resultfrom the delivery of the property, the time period for delivery is extended until the time whenno penalty or forfeiture would result. 4. Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in thisstate on which the lease or rental period has expired due to

ty, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in thisstate on which the lease or rental period has expired due to nonpayment of rental chargesor other reason, or any surplus amounts arising from the sale thereof pursuant to law, thathave been unclaimed by the owner for more than three years from the date on which thelease or rental period expired. 5. a. A banking organization or financial organization shall send to the owner of each account, to which none of the actions specified in subsection 1, paragraphs 'a' through 'e' orsubsection 2, paragraphs 'a' through 'e' have occurred during the preceding three calendaryears, a notice by mail or through electronic messaging stating in substance the following: According to our records, we have had no contact with you regarding (describe account) for more than three years. UnderIowa law, if there is a period of three years without contact, we maybe required to transfer this account to the custody of the treasurer ofstate of Iowa as unclaimed property. You may prevent this by takingsome action, such as a deposit or withdrawal, or by contacting usthrough

to transfer this account to the custody of the treasurer ofstate of Iowa as unclaimed property. You may prevent this by takingsome action, such as a deposit or withdrawal, or by contacting usthrough electronic messaging, which indicates your interest in thisaccount, or by signing this form and returning it to us. I desire to keep the above account open and active. ....................................Your signature b. The notice required under this section shall be sent within thirty days of the lapse of the three-year period in which there is no activity. The cost of the certified mail of thenotice required in this section may be deducted from the account by the banking or financialorganization. [C71, 73, 75, 77, 79, 81, §556.2]84 Acts, ch 1295, §1 – 7; 85 Acts, ch 233, §1 – 3; 91 Acts, ch 267, §623 – 625; 92 Acts, ch 1085, §1 – 4; 95 Acts, ch 34, §2; 96 Acts, ch 1173, §3; 2013 Acts, ch 30, §174; 2013 Acts, ch140, §76; 2023 Acts, ch 125, §2, 3 Referred to in §524.812, 524.813, 533.320, 533.321, 556.1, 556.10, 556.122023 amendment to subsection 5 applies to electronic messaging sent or received on or after July 1, 2023; 2023 Acts, ch 125, §3Subsection 5, paragraphs a and b amended

, 533.321, 556.1, 556.10, 556.122023 amendment to subsection 5 applies to electronic messaging sent or received on or after July 1, 2023; 2023 Acts, ch 125, §3Subsection 5, paragraphs a and b amended Sat Dec 23 11:04:20 2023 Iowa Code 2024, Section 556.2 (27, 3)