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.
Nice huh?
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.
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 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.
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.
NoTrust. Would never bank with them.
I'm 75 and all my accounts are "in trust for" my oldest child.
I've also provided her with a copy of all my credit cards, Bank accts, Insurance companies that I deal with, my will and any orders....everything I can to make things easier for her.
“It’s as good as money in the bank!” - Apparently that isn’t so good any more.
Perhaps 10 or more years ago there was a thread like this here on FR, so just for the hell of it I contacted the website of the NYS Comptroller for unclaimed funds. After a few interactions over several days I received checks amounting to more than a thousand dollars for various unclaimed accts/stocks, etc.
The sad truth be told, when you gain a sum of money almost every business and governmental entity is trying to get an angle to take that money from you.
401K? They trade you money around, making money off of the transactions but leaving you with less and less of your own money.
Savings Accounts? Banks charge you to hold your money, and as this story shows, will take it from you if you don’t use it.
The State? You rent your property from the state. Don’t pay property taxes and they come and take your land from you.
Don’t pay your taxes and and they come and take the r]taxes PLUS more of your money.
Everyone is trying to take your money from you.
Even when you die, the State takes as much of it away as they can.