Posted on 06/17/2014 4:58:58 PM PDT by Whenifhow
Let’s say you take out a safety deposit box for precious family heirlooms, or create a bank account for your children that you don’t make transactions with regularly. How long would it take you to realize that the government has actually confiscated your property, sometimes without even informing you?
That’s what happened to Glenn Beck’s chief of staff, Joe Kerry, and countless other Americans across the United States, many of whom are unaware that the state can legally take hold of your possessions if your account shows no signs of activity for a certain period of time.
snip
“I guess it was six months ago,” Kerry explained on Beck’s radio program. “[My wife, Melinda] was like, ‘Joe, we stopped getting the statements on this one account.’ And first she wanted to know if I liquidated the account. I assured her I had not. She’s like, ‘What happened?’ She started going through the statements, and on one statement, which was full of language, one sentence in one paragraph of that statement said, ‘If you have no activity on this account, we will close out this account…’”
Kerry, an attorney, said he didn’t understand how the account was considered dormant when dividends were paid into it, and they were paying taxes on the money the whole time.
“Never called you or notified you?” Beck asked.
“Nothing from the state,” Kerry responded.
SNIP
He said they were eventually able to figure out how much had been taken by looking at old statements, and were astonished when they found that the same thing had happened to a number of their neighbors.
“I talked to Melinda today,” Kerry concluded. “As of two weeks ago, the state of Pennsylvania has now started sending this money back.”
(Excerpt) Read more at theblaze.com ...
I had an account that was turned over to the state, too. It was back in the 70s and I didn’t have any activity in the account for almost two decades. I got it in grade school.
But my name was posted in the newspaper and it said to claim the money. I did and it was no big deal ... :-) ...
SO ... this has been going on for at least 40 years that I’m aware of!
Its happening now. States are going for new sources of revenue.
I have been collecting checks for elderly relatives who did not realize their ATT stocks split in 1984.
It has been a three year nightmare. The state has been very helpful in getting us every nickel and penny.
It is actually quite a process.
Vanguard sent me the official change of address form. I filled it out and had it notarized and returned to Vanguard. They acknowledged the update.
“I have been collecting checks for elderly relatives who did not realize their ATT stocks split in 1984.”
—
I’m elderly as your relatives are,but we certainly weren’t elderly in 1984. Why on earth were they not aware that there was a stock split?
.
Don't be so judgemental. It was in the Pennsylvania papers that Corbett had moved the abandoned property cut off from 10 to 5 years. That was it.
I have a family member who's entire IBM stock fund was gone. The only way he found out was when Compuserve sent him a statement that said $0.00. Turns out if you don't make any changes, don't make any withdrawals, or don't SEND IN ANY PROXY VOTES your account is considered abandoned.
Another instance was involving a Certificate of Deposit, after years of my brother letting his certificate self renew, it was turned over as unclaimed.
These people are not idiots. They were just unaware of the change in policy and didn't learn the facts until the money was gone.
BTW, it was in Sunday's paper that Corbett is considering lowering the unclaimed assignment to 3 years.
One bright spark in California is state controller John Chiang’s group. He has gone above and beyond the call in serving the public by proactively seeking out unclaimed property and assets. The website is easy to use and interaction with the folks there is upbeat and professional.
I had a $20 rebate from something like 12+ years ago with a hard drive manufacturer. It was listed on the site, I sent the claim form in, and it was approved and paid. It took about 6 weeks I believe for the approval, but they are pretty buried, and this is stuff you often never figured you see again, or had written off.
How are things at your bank?
NOT for a SIX MONTH PERIOD!!!!
6 Months!
You are NUTS!!!
DORMANT is NOT 6 months of no activity in Colorado!
Heirlooms kept in a safe box are auctioned. You can get the money but not the items. I think its a little funny that there are so many companies that have figured out how to charge your card every month/quarter/year for a product you buy once... yet banks will raid your account if you don’t use it once in 6 months.
Go to your accounts and set up recurring transfers every 60 days, send $100 from A to B, then from B to C, then from C to A and on and on. This way all the accounts will always have activity.
In Massachusetts, the Treasurer's office has a website where you can check if they've grabbed any of your accounts. Its existence is regularly advertised.
What the hell transactions have to be made? The purpose of the box it to put things in it and leave them there, for safekeeping.
There is really no private property. We just think we “own” things. But the reality of it is that the state lets us keep them but demands its tribute, taxes on it. The taxes are nothing more than progressive confiscation.
I’m ashamed to report that the state of GA has just instituted that same practice. Its called theft by taking.
Now you know what businesses go through all the time. My company was in court for years with the government claiming our 1099 folks were employees as opposed to contractors. It took years, but we won. Nothing on this thread is new and has been going on for decades, centuries, etc.
My bet is that it’s six months after notice is given. Not just six months. Has anyone check the state banking regs on this one?
Another “fundamental change” coming to Amerika.
I don’t doubt it.
Not so fast there Louie. I had an account closed. In Vermont, in fact, simply because I made no deposits or withdrawals for a period of time. There was a couple of thousand dollars in it and the bank just took it. After a lot of “Discussion” the account was restored when I consented to an automatic deposit arrangement. You cannot just let money sit in a bank account with no activity other than dividend deposits. The bank or the state will take it from you.
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