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 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.
It wasn’t unpaid, it was inactive except for deposits.
Jumping to conclusions does tend to make one look foolish though.
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.
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.
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!
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.
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.
That notice may be hidden in the fine print we seldom glance at let alone read.