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Most Americans believe that putting money with a trusted bank or credit union is safe — that they can set it and forget it. But doing that could just make your money disappear from your account!

My cousin called me in a panic last week. A retiree, she had put her savings (a six-figure sum) into a savings account with a credit union.

This was her life’s savings, and she received quarterly statements that showed monthly deposits of interest. She watched her balance grow.

On her third quarter of 2025 statement, everything looked fine. But when she received her fourth quarter 2025 statement, the account had been marked closed.

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The bank account you count on could be shut down because of a little-known rule. (iStock)

She couldn’t believe it. What happened to the account, and where was her money?

When she called the credit union, they said her account had been closed for inactivity. They had closed it as a dormant account and sent the money to the state, a process known as "escheatment" (aptly named, given the circumstances).

She didn’t understand. There was activity from the financial institution with interest deposits every month.

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She then called the state, and they said they didn’t have the money; it also was not on their unclaimed property website.

So, what happened?

This story is a red flag for everyone, but especially for seniors or soon-to-be retirees who put money into savings and don’t do anything with it.

RETIREES LOSE MILLIONS TO........

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