Regulation & Compliance

Billions in forgotten bank accounts are transferred to state governments every year. Escheatment is the legal process behind it — and for banks, it's a mandatory compliance obligation with strict deadlines, multi-state complexity, and significant penalties for getting it wrong.

When a creditor wins a court judgment, a bank account garnishment lets them seize funds directly from a debtor's account. Here's how the process works, what funds are protected by federal law, and what banks are legally required to do when they receive a writ.