The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-02
4 BANKS DORMANT FUND
Part Of the Business the Public
Knows Little About. :.
Large Sums Idle Because There Are
no Claimants fo< the Money-Every
ing Depositors or Their Heirs
An Interesting Case in New York.

The workings Of large bank are COM
paratively unknown to the greater portion
Of the public, and one OF the departments
which many are not even aware exists is
that maintained for the purpose of seek
ing claimants for deposits of money, the
owners of which have disappeared. De-
posted at even low rates of interest the
sum sometimes reach large aggregates.
In some banks these sums sooner or later
lose their identity and are included in the
accounts OF profit and loss. In a savings
bank these deposits seldom take that
course, however. and the management of
the banks exert themselves to the KNIT
to find, if possible the rightful owners or
heirs to the money.
In many of the banks this business has
assumed such proportions that it is nee
essarily carried as a separate department.
The funds for which there have appeared
no claimants are called dormant funds,
and the aggregate amount of all ownerless
deposits is known by the same name.
The number of these deposits of course
increases with the eniarging patronage of
the bank.
1t is the pride of the officers in charge
of these departments that the sums which
laid dormant for more than ten years are
comparatively few and this fact is due
to the vigilance exercised in looking up
the owners or heirs of the deposits The
expense of looking for the missing de-
positor often amounts to thousands of dol
lars, but the principal is never touched
The interest is, if necessary. drawn upon,
and should the expense amount to more
than the interest it is charged to the run
ming expenses of the bank
Loss OF bank books by depositors who
afterward die without making provision
for the disposal of their money is one of
the origins of the dormant funds For
instance, man without family may die
suddenly on the street or he may fall into
the Potomac and stay there. His landlady
will for time retain his effects, and if
no claimant appears will sell them. The
mans relatives. if he has any may not
even know that he has money laid away,
and the sum is left in the bank without an
owner. Bank books and their owners are
often destroyed in the same fire. Others
are stolen by thieves, who tear or burn
them up.
Often the deposltors of these dormant
funds are so obscure that the men search
ing for them have to take up the study
of genealogy to gain trace of them. The
city directories are searched eagerly md
regularly. The mails are used constant ly
and when cIews that seem likely to give
favorable results are found the bank de-
tectives are sent out to run them down.
In some of the large banks every
week there is pasted in the lobby a list
of missing depositors and frequently elews
are obtained in that way. But months
may elapse before the officers of the bank
classify a deposition as missing. The lule
governing this is the rule that requires
a depositor to present his book at the
bank for inspection at some stated period.
Some banks make 1t once every year at
given time, and some others make 1t once
every six months. So If a depositor is
killed so much time may have elapsed be-
fore he is known 10 be missing as to
handicap the searchers very materially.
The fact that the greater number OF the
patrons of the savings bank are of for
eign birth and that these depositors dis
appear more frequently than the native
born do, necessitates much correspondence
with foreign countries, for savings bank
never gives up until something is proved;
either that the fund has a claimant or II
has not The consular service OF the
United States abroad is the medium
through which many claims are paid over
TO their rightful owners. The names CT
missing depositors. with dates at which
they were In this country, are sent TO the
consuls abroad Then the newspapers Of
the countries are used and advertisements
are inserted in them at the expense Of
the bank. II necessary, though the most