Skip to comments.91-year-old woman's savings 'disappeared' because she didn't use account
Posted on 01/26/2019 6:47:58 AM PST by bgill
Dolores Nielsen, 91, kept an emergency savings account for years. But her hands-off approach caused her trouble. Her bank, SunTrust, declared her account dormant in April and closed the account. She's been trying since August to get her money. "I'm terribly worried," Nielsen said. "My savings have lost so much in value since I retired as it is, and it's very stressful for me." The account had more than $72,000. Dolores' daughter, Barbara, turned to Better Call Behnken for help, after trying for months to get the money and getting the runaround. She says the bank told her the state had the money, and the state told her they didn't and she needed to go back to SunTrust. "Then you start worrying it's disappeared," Barbara said. When accounts go dormant, banks by law must send the money to the state of Florida's CFO's office.
(Excerpt) Read more at wfla.com ...
Banks do try to contact holders of inactive accounts before they close them. Possible she didn’t get or understand the letters. Banks don’t like inactive accounts. I have had confirmation requests from financial institutions before.
Trust me, banks dont want to move any money from customers to their state government.
This is all on the state and that person.
It is the same across the country.
It is the banks responsibility to notify the owner, but like my State of PA it is State law that made the rule. Yes, it can be recovered but it takes some doing.
This works the same with mutual funds and other investments, too. When I get a notice of property that has been inactive and is in danger of being taken I have a way of contacting the investment company and assuring them that the owner is alive and well. That starts the 5 year clock again and the client never even was bothered.
State of AZ does the same thing. If you do not use the account they can take it.
So ya save money in a bank....ya get screwed!???!!
...When accounts go dormant, banks by law must send the money to the state of Florida’s CFO’s office.
Sometimes that money sits for years, but the it’s the state’s responsibility to get it back to the rightful owner.
Better Call Behnken has regularly partnered with the state to help reunite my viewers with their money. So, when Dolores asked for help, we knew where to call.
A spokeswoman with the CFO’s office says they researched the situation after calls from Better Call Behnken and discovered that the money wasn’t actually turned over to the state until earlier this month.
So, Suntrust Deactiveted the account
Didnt tell the depositer they were going to do it
Didnt turn the money over to the state, as required by law,
until they were forced
Run screaming from this bank
Really... It is just an entry in a computer database. It isn’t like the bank is holding onto the actual cash. Besides, they get to loan out the money on deposit. They should want more accounts that just sit there with money in them. 5 years seems like just an arbitrary number and a way for the state to make some extra cash.
They don’t take it. They hold it for your. You have to claim it. I found over $700 from an old stock. Check the comptrollers office in your state.
But if she owed the bank any money, you can bet they would have found and contacted her in a New York minute.
I wonder how many other Dolores’ there are out there. Probably a lot.
Very weird. Yes, I would think someone at her branch would have done 20 minutes of research, made a phone call, something, before they disappeared her account.
We had to fill out several dozen forms and make several trips to a state office building but eventually we got it back.
They made a law some years back that lets banks steal your money if you don’t touch it for a while.
I had that happen once. My bank sent me a letter notifying me the account was dormant and would be closed. I was furious. They said I had to either deposit or withdraw every 6 months to keep it active. So I closed it out and opened a brokerage account at Smith Barney.
The banks don’t decide how long to keep the money before sending it to the state. The time periods are established by law.
Since you are flying a Texas flag, start with Texas Property Code Section 73.101 . As with anything legal, there are definitions and nuances, so a Texas lawyer who practices banking law should be consulted about any specific legal issues.
I had this happen to me years ago. I was never contacted. It wasn’t a big sum but I considered it theft.
I don’t know about every state, but in my state (and in most I imagine) banks, retailers and other institutions must turn over such funds to the state which are then held in an unclaimed property account, which is pretty easy to retrieve as long as you can prove the funds are yours. The states do this so such institutions won’t have a financial incentive to keep your money.
You should make some type of transaction every year...even if it's taking out $5 or putting in $5. You are responsible for your own affairs.
Problem is I bet she was contacted. I bet she got a letter, and I’ll bet someone said it was a scam. Why? Seniors are prayed onby scammers so much its hard to tell legit activity over fake.
Since so many banks and S&Ls in Texas have been closed over the last 30 or so years, I’ll add there are specific federal regulations dealing with cases where the FDIC/FSLIC/RTC weren’t able to transfer the liability to an assuming bank. Generally speaking, that money/asset is going to have ended up with the state, as well.
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