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Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets
ABC News ^ | May 12, 2008 | Elisabeth Leamy

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 ...


TOPICS: Government; News/Current Events
KEYWORDS: biggovernment; landgrab; patriotact; propertyrights; ronpaul
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To: eyedigress

I would be interested in the results.


21 posted on 05/12/2008 7:40:03 PM PDT by tbw2 ("Sirat: Through the Fires of Hell" by Tamara Wilhite - on amazon.com)
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To: Clintonfatigued

Nothing lasts forever, there’s no permanent “safe” place to save. And no family that lasts just to protect its own.


22 posted on 05/12/2008 7:44:09 PM PDT by bvw
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To: tbw2

I’ll ping you when I get it.


23 posted on 05/12/2008 7:44:15 PM PDT by eyedigress
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To: Clintonfatigued

+/- $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?


24 posted on 05/12/2008 7:44:27 PM PDT by machenation ("it can't happen here" Frank Zappa)
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To: Clintonfatigued; Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; ...


Libertarian ping! To be added or removed freepmail me or post a message here.
25 posted on 05/12/2008 7:44:40 PM PDT by traviskicks (http://www.neoperspectives.com/Ron_Paul_2008.htm)
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To: ikka
“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!”

Two totally separate issues.
BofA is not the city of San Francisco. It is a North Carolina corporation.

26 posted on 05/12/2008 7:49:09 PM PDT by HereInTheHeartland ("We have to drain the swamp" George Bush, September 2001)
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To: bvw
"there’s no permanent “safe” place to save."

In your freezer, with an armed person in the home most of the time will suffice for most cases.

27 posted on 05/12/2008 7:53:02 PM PDT by KoRn (CTHULHU '08 - I won't settle for a lesser evil any longer!)
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To: HereInTheHeartland
San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

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.

28 posted on 05/12/2008 7:57:34 PM PDT by ikka
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To: Huntress
I work for a bank - not nearly the size of BofA, but we have branches in 4 states. It takes YEARS for safe deposit box stuff to be escheated to the state. You have to not have paid your yearly rental in at least 3 years with numerous attempts by the bank to contact you. It doesn't matter if you pay but don't visit your box, as long as you pay, your box is safe.

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.

29 posted on 05/12/2008 9:06:26 PM PDT by reformed_dem (libs should think of executions as just late, late, late, late term abortions)
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To: Clintonfatigued

Let me guess: Bank of America?


30 posted on 05/12/2008 9:28:17 PM PDT by BlazingArizona
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To: Clintonfatigued; elkfersupper; Gabz; Eric Blair 2084; Mears

“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!


31 posted on 05/13/2008 5:36:15 AM PDT by CSM (Kakistocracy: Government by the least qualified or most unprincipled citizens.)
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To: CSM

Amen.


32 posted on 05/14/2008 7:45:12 PM PDT by elkfersupper
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To: Clintonfatigued
That's what you get for trusting banks and the government... someday these people will learn. I've never used a safety deposit box, even the name is an oxymoron.
33 posted on 02/25/2010 7:44:17 AM PST by Amazedbyitall
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To: bamahead; Willie Green; AuntB

Big government and big business come together to take our earnings and our freedoms. Ugh.


34 posted on 02/25/2010 2:28:57 PM PST by Clintonfatigued (Liberal sacred cows make great hamburger)
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To: Clintonfatigued
This is absolutely appalling.

It's beyond appalling, it's criminal.

There should be people going to jail over this.

Why isn't the USA ruled by the law any more? I miss that.

35 posted on 02/25/2010 2:31:45 PM PST by TChris ("Hello", the politician lied.)
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To: Clintonfatigued
I remember asking my Mother and Father if Safe Deposit boxes were taken during the depression, but don't remember what they said. As I recall, they couldn't get in the bank..period.

I suppose nothing is safe. wow

Think it can't happen ??? THINK again...

http://towncriernews.blogspot.com/search?q=ration+points

Image Hosted by ImageShack.us

WW2 War Rations Points

36 posted on 02/25/2010 2:40:09 PM PST by AuntB (WE are NOT a nation of immigrants! We're a nation of Americans! http://towncriernews.blogspot.com/)
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