When is an account considered ‘inactive’?
Any financial account, like your bank account or your Hatch account, that’s shown no activity for a period of time can be identified as being inactive, or dormant.
At Hatch, this means that for a period of time (such as five years), you as the legal account holder haven’t logged into your account and/or:
You’ve forgotten you have a Hatch account
Your contact details may be out of date and we can’t contact you despite our best efforts
The account holder may have passed away and their assets have not been claimed by an heir/s as part of the estate (everything owned at the time of death)
Does being inactive matter?
In short, yes it can. If you haven’t logged into your Hatch account for five years, it may be considered inactive. When this happens, our US brokerage DriveWealth asks us to confirm whether your account is still active (only we can see whether you’ve logged in during that time; DriveWealth cannot see your account).
💡 Note: If we see that you haven’t logged on in five years, we’ll identify your account as being inactive. When this happens, it triggers a process called escheatment. When this happens, ownership of your assets must legally be transferred to the state of Delaware.