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 ...
Kerry said they received an answer along the lines of: “Well, under this new law … you don’t log into this account in a six month period, that money is transferred to the state.”
FYI
This guy is an idiot. This happens in every state. Banks are required to give notice. And if a safe deposit box is left unpaid, it is akin to being evicted.
I wish ignorant people would catch a clue before being “outraged.”
They look like fools when they get all worked up over banking practices that have been in place for nearly a century in most states.
It’s outright theft.
“Well, under this new law … you don’t log into this account in a six month period, that money is transferred to the state.”
That is absolute bs. One day they’re going to take money from the wrong person and it won’t go over so well.
It was floated in 2010 I believe, all IRAs, Keoghs, 401Ks, and private employee/employer retirement accounts through various vehicles, profit sharing. matching contributions etc, would be “transferred to the gubmint” and they would in return offer a “guaranteed retirement annuity” to the illegally dispossessed.
These people are serious. They want to dispossess all of us of every asset. All housing would be government housing. All assets would bcome government assets.
Oh yes. It is coming. Oh, in light of this, FDR declared private ownership of Gold as well as Gold and Silver certificates as void. Failure to turn in your Gold would put you in prison.
Happened before, it will happen again.
Kinda like the feds seizing money from the Michigan grocery store owner for making regular deposits under the bank reporting threshold.
it’s called escheatment and yes it may be cheating but it goes back to old english law that required abandoned property be turned over the king. he owned everything. The laws are different for each state, but they do give notice to the last known address and then after that the state owns it. but these guys are silly. you can claim the money from the state. it is held for you. They should try going to the state web site and looking up their names and then claim the property/money. might be a good idea for all of us. found money.
There is a video on the page - in which it is revealed this was a stock account which he had been paying taxes on.
They had not accessed this account for 6 months.
Many people do not access or make transactions on retirement or stock accounts.
and this guy is a lawyer. what mail order school did he go to. any reading of the law has rules for abandoned property on land and the high seas.
It wasn’t unpaid, it was inactive except for deposits.
Jumping to conclusions does tend to make one look foolish though.
these guys are silly. you can claim the money from the state. it is held for you. They should try going to the state web site and looking up their names and then claim the property/money. might be a good idea for all of us. found money.
*****
If you listen to the video on the page - he was given NO notice. All of his info was correct - address and phone.
They did “claim their money” and it is in the process of being returned to them and several of their neighbors.
He mentioned a website in the video.
which will turn it over to you when you apply. granted many states accelerated the holding period but if you are smart enough to read your mail, you will see the notice of abandonment by the bank, investment house, money card holder, etc. then you claim your money. some states however don’t require notice. California actually sends mail to everyone who is on the preliminary filing list.
Safe deposit boxes are not turned over for lack of attention. As long as the rent is paid, it will stay there forever.
I worked in banking for years. This is stupid.
It was floated in 2010 I believe, all IRAs, Keoghs, 401Ks, and private employee/employer retirement accounts through various vehicles, profit sharing. matching contributions etc, would be “transferred to the gubmint” and they would in return offer a “guaranteed retirement annuity” to the illegally dispossessed.
These people are serious. They want to dispossess all of us of every asset. All housing would be government housing. All assets would become government assets.
**********
You are correct - there is new legislation.
These people are serious!
he was given notice on the last statement. He never read it. Notice doesn’t require the person to read it or acknowledge it.he said there was stuff on it. Show me that last statement where it says you need to contact us about this inactive account. He’s a (typical stupid) lawyer (that doesn’t think the law applyies to him) this stuff is all well known.
I know a guy who worked a good job for years and never had a bank account. He owned the house his parents left to him and lived pretty simply and ended up with several hundred thousand dollars in a safe. He decided that it was too dangerous keeping it at home so he opened an account and deposited it.
He ended up regretting his decision within less than 8 hours when two FBI agents showed up at his door demanding answers and telling him that the money had been seized till they got answers.
The funds aren’t confiscated, they are held by the State and can be reclaimed by the owner.
My wife is a commercial realtor and paid an paid an assistant at one time. She paid all the taxes and fees to the government. At some point, she decided to start paying her as a contractor and and 1099’d her at the end of the year. The IRS took $700 out of our personal account because the figured we just didn’t claim or pay the taxes. No trial, no notice, no nothing. We got it back, but it took awhile.
I’ve personalty never heard of such a practice. And 6 months is an extremely short time, You expect to put something in a bank for a long term savings IE more than 6 months.
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