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
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Please update your account information prior to account closure to ensure a smooth transfer of funds.
We understand that unexpected disruptions, like a government shutdown, can cause financial stress, and we’re here to help.
Personal Banking Customers: Our Elite and Reserve Tier customers can place a wire via Online banking or the LendingClub Mobile app. For all other customers, they can reach out to Customer Service at 800.242.0272 to initiate a wire.
To get 1% cash back on qualified purchases, follow these requirements
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.
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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