This is basically a method states use to acquire money. It’s always about the money with government.
If you do this to enough people you can count on a certain percentage to never get their money.
Another thing they do is charge a service fee if you don’t access your money with a certain frequency. The account gets smaller and smaller simply by doing nothing.
We use two banks. One for everyday stuff one a checking and savings is an emergency backup. Every couple of years the second bank sends us a letter basically to confirm we are still alive. We then make a phone call and all is well... until the next time.
I had $25 in a credit union once and forgot about it. Once I realized it was there, I contacted them and they sent they sent it to the state.
I never got any notice as I had moved and the notice was not forwarded.
I contacted the state and got my $25 returned to the credit union and in turn I got it back.
I’m glad the lady is getting her money back. But why on Earth would you keep such a large amount of money in a bank that is paying next to nothing in interest? I’m not a fan of bonds as an investment but at least with Treasuries your money is safe and your return has a shot at keeping pace with inflation. Or better yet buy VIG. You will get a fairly safe dividend of around 2% and the possibility of long term capital appreciation.
She should have set up one payment to come out of the account monthly.
Florida’s had this law on the books for decades. They sweep accounts of retired people who have died - - before relatives know the money exists.
They send a notice. Easily overlooked. Make sure that you have some activity on each account every year.
They would have broken it open, sold the contents and only given you what they got from the "sale" which is generally about one quarter of what they were actually worth.
Don’t be silly. Every state state has an unclaimed property law.
The funds can’t be “held” forever by the bank/s.
BTW - Is this woman eligible to vote? Think about that for a minute please - At some point you need to give up your driver’s license; at some point if you can’t handle your own finances you might be incompetent.
But quit trying to say this is the bank’s fault.
This is absolutely true. I moved across the country, and forgot about a small savings account I had. About $600.00. It went to the state, and I was notified.
I was unable to get it from the state, no matter what I did.
I don’t know if you are on the history ping list; if not, here’s an item from the 1850s that’s related. See post 10 on this thread. https://www.freerepublic.com/focus/f-chat/3721845/posts