[Whenifhow]

Kerry said he and his wife even went to their state senator about the matter, asking why they were never informed that the funds were set to be confiscated when all of their contact information was accurate.

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.”

[Whenifhow]

FYI

[Vermont Lt]

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.

[Lurker]

It’s outright theft.

[boycott]

“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.

[the anti-mahdi]

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.

[cripplecreek]

Kinda like the feds seizing money from the Michigan grocery store owner for making regular deposits under the bank reporting threshold.

[kvanbrunt2]

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.

[dalereed]

The funds aren’t confiscated, they are held by the State and can be reclaimed by the owner.

[socal_parrot]

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.

[Star Traveler]

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!

[E. Pluribus Unum]

Does this mean if the government doesn't use something for three years I can confiscate it?

[Axenolith]

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.

[I want the USA back]

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.

[Georgia Girl 2]

I’m ashamed to report that the state of GA has just instituted that same practice. Its called theft by taking.

[Swordmaker]

Xxxxxx Bank put one of my late Mom's accounts in dormancy for "lack of activity on the account in two years." They stopped paying interest and were preparing to escheat it to the state. I discovered this when my mom and I went over to put my name on the account. . . and they said it had been dormant for three months! The problem was this was a five year time deposit account that she was not allowed to put in or withdraw money from! She had not moved, was receiving statements of the account on a consolidated statement, was actively using the linked saving and checking account, but had not noticed the lack of change in the accruing interest amount in the time account. . . but how many 89 year old people would??? Another few months and they would have sent the money to the state! It could be recovered, but not the interest that would have been earned while the state held it.

The branch manager could not understand why the account had been placed in a dormant status. . . when she started checking, she found almost ALL of the four, five, and seven year time deposit accounts opened the same year as my mom had opened hers were in dormant status. Computer programing glitch! So far, none had been dormant long enough to escheat. The bank manager said a personal in office balance inquiry would have counted as activity, or any online access.

Mom started joking about she'd have to plan on regular personal visits to her money. Instead, she opened online access to all her investment accounts.