Escheatment is the process of transferring unclaimed funds to the state. First, we’ll attempt to transfer funds to your bank on file. If you don’t have a bank account on file, we’ll mail a physical check to your address on file. If both these attempts fail, funds will be escheated per state unclaimed property laws. After assets are escheated, you’ll need to follow guidance for your state of residence on how to claim them. Please visit https://unclaimed.org/ for more information.
What is escheatment, and when does it happen?
Additional Automatic Transfers and Escheatment FAQ
LendingClub Resources
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Related FAQ's
Please update your account information prior to account closure to ensure a smooth transfer of funds.
Your initial deposit for opening your account will be held for 5 days in order to validate your account.
LendingClub does not pull credit as part of our account opening process. However, we do obtain information from a credit bureau used to validate your personal information. The request for information does not affect your credit score.
Yes! As part of the application you will have the opportunity to add a joint account owner after you submit your personal information and receive confirmation on the details of your newly approved LendingClub account.
To open a savings or certificate of deposit account, you need to be 18 or older and a citizen or resident of the United States
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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