Libertarian ping! To be added or removed freepmail me or post a message here.
Posted on 05/12/2008 6:32:07 PM PDT by Clintonfatigued
The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets.
Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies.
Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.
Not-So-Safe-Deposit Boxes
San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."
"I was appalled," Ruff said. "I felt violated."
Unknown? Carla's name was right on documents in the box at the Noe Valley Bank of America location. So was her address -- a house about six blocks from the bank. Carla had a checking account at the bank, too -- still does -- and receives regular statements. Plus, she has receipts showing she's the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.
"They are zealously uncovering accounts that are not unclaimed," Ruff said.
To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded.
And that's not all. Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.
"These things were things that she gave to me," Ruff said. "I valued them because I loved her."
(Excerpt) Read more at abcnews.go.com ...
This is absolutely appalling.
maybe there’ll be another Tea Party after all.
She paid, or she didn't... But being the "kind of person who pays" is fishy...
Unlikely. The plans for the next Tea Party were seized from the safe deposit box they had been stored in, and were shredded last month.
Isn't that a contradiction in terms? State, safekeeping citizens property? I don't understand why people would be surprised to hear this. :~/
To whom?
If the story is true (doubtful) then she has an open a shut case against the bank who she had a business arrangement with.
Oh, but that is a great question. Some deputy's nephew's dog.
Or a Tony Rezko wannabe.
Doesn’t matter if you pay or not. If you haven’t made a transaction to an account in three years (in the case of a safe deposit box, a visit to it) then said account can be grabbed by the state. It’s outrageous.
The absolute one thing you can count on is a politician’s greed.
I would think Ms Ruff would be entitled to take a nice bite out of B of A. Presumably, she was paying rent on the box. Therefore, the bank was negligent in wrongfully identifying the property as abandoned.
That this happened at B of A doesn't surprise me one iota. Too many big national banks have poor customer service and control at the retail level. I much prefer to deal with a well-capitalized local bank. That way, if there's a problem, I'll get to talk to someone who gives a damn about solving it.
It is hard to make a claim about what you lost from a Safe deposit box because you have no proof of what you put in the box.
Something similar happened to us...we were living in Canada most of the time for job, but, maintained home here...but changed address. However, had another account in MY name at the same bank (business) with a current address. They had to move the boxes for remodeling or something and since they couldn’t get a hold of us had decided were were unreachable.....until I showed up one day and asked....WHERE IS MY SAFE DEPOSIT BOX? And, yes, all the rentals had been paid....they knew where we were....luckily I got there before they disposed of the stuff in it.
Thanks for that bit of info. I just e-mailed my bank and asked them to make this perfectly clear. I will post their reply when I receive it. (supposedly 1 business day)
Why is this a surprise? This is a state that has little regard for property rights in the first place.
No doubt after voting for thieves and ruffians (Democrats) all her life, this San Francisco resident is SHOCKED - that they dared to steal from HER!
That happened to my boss. She put $2000 in a savings account and left it there for emergency cases. Never touched it until she needed it. Went to get it, it was gone. Took her two years to get it from the state and they charged her a FEE FOR HANDLING IT.
Ridiculous.
I would be interested in the results.
Nothing lasts forever, there’s no permanent “safe” place to save. And no family that lasts just to protect its own.
I’ll ping you when I get it.
+/- $60,000,000,000,000.00 unfunded liabilities and less than needed work force. I’m going to have to pay one way or another, that’s my debt too. What’s an alternative? =Government theft?
Libertarian ping! To be added or removed freepmail me or post a message here.
Two totally separate issues.
BofA is not the city of San Francisco. It is a North Carolina corporation.
In your freezer, with an armed person in the home most of the time will suffice for most cases.
She's probably been voting for Democrats her whole life. Democrats who don't believe in property rights, and show this by their actions.
Now that the state of California, which is almost wholly run by Democrats, decides to steal her property, she is shocked! That was my point.
The state has no way of knowing how often or not people visit their boxes. With our bank, the only record of visits is a paper entry record which is signed when the owner of the box goes in to the vault. There is no computer record of visits.
Let me guess: Bank of America?
“I was appalled,” Ruff said. “I felt violated.”
Hey Carla, ya been celebrating the trampling of property rights to ensure your nostrils aren’t offended by the smell of tobacco smoke? Its your turn now. Enjoy!
Amen.
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