Apple Cash Escheat Heads-up
I had a small balance in Apple Cash and had not made any transactions in a bit over 3 years. I received a text message notice of a “Balance Adjustment” resulting in a $0 balance in Apple Cash. Called Apple Support. They said the balance had been escheated to the state I live in. Approximately 6 weeks later the balance showed up on the state website for unclaimed property. […] I see I’m not the only one to have this experience.
I didn’t realize that financial-but-non-bank accounts like Apple Cash could be counted as abandoned/unclaimed simply because you haven’t used them in a while. You’d think Apple could send a notification before removing the funds.
See also: More than you want to know about gift cards.
Previously:
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A lot of gift cards do this when they expire, too. The companies don’t want to hold onto the liabilities indefinitely and to simplify their accounting escheat finds to the state unclaimed funds office like that. The interesting part is what they do with the unnamed/anonymous gift cards. I don’t remember what the details were but I remember they were fascinating to read.
I had funds from a Google AdWords account from circa 2003 show up as unclaimed funds with my state somewhere around 2018.