The State Can Seize Your Money Due to Inactivity?

This is a discussion on The State Can Seize Your Money Due to Inactivity? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; You might want to find out what happens to your safe deposit box if you don't access it periodically. Hint - the same thing as ...

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  1. #16
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    You might want to find out what happens to your safe deposit box if you don't access it periodically. Hint - the same thing as y'all are discussing for the saving account.

    My understanding is that it has nothing to do with when you last paid the fee for the box, but only with when you last accessed it. You can ne current on the bill paying it yearly, but if you have not accessed the box for the defined period - poof, your property disappears.
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  3. #17
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    Ditch the banks...your account can be taken with a pen, your account (checking and savings) value is carried as a asset on the banks books , and is used as collateral in intra-bank loans and hypothacation...please note all the TBTF (to big to fail) bank stock's are trading vastly below thier stated value (book), as much as 60% Bank of America...40% Goldman/Sacks...very risky, "saving" "checking" or relying on "government" insurence to replace your account value.....$.02

  4. #18
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    I have similar situation with my bank. I have been letting money sit in one particular savings account, while I look for commercial investment property. This has been going on for about three years.

    About every 12 months, I get a letter from the bank, saying the account will be going into 'inactive' mode unless I contact them (which I do QUICKLY).

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  5. #19
    Senior Member Array Chad Rogers's Avatar
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    Quote Originally Posted by Hopyard View Post
    Which "official state database?" So you got three warrants out, well, call Mitchell.
    I'm still waiting for NLETS to come back...

  6. #20
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    I don't understand why one would think the currency in their bank account, or thier pocket for that matter, belonged to them... Well I guess I do, I used to believe that as well... I was wrong...

    But the debt that allowed it to be printed, that's a different story, that debt is all mine, and yours, and our children's and our grand children's... But we don't own the money itself... don't be foolish.
    Rats!
    It could be worse!
    I suppose

  7. #21
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    Quote Originally Posted by CaptSmith View Post
    Ditch the banks...your account can be taken with a pen, your account (checking and savings) value is carried as a asset on the banks books , and is used as collateral in intra-bank loans and hypothacation...please note all the TBTF (to big to fail) bank stock's are trading vastly below thier stated value (book), as much as 60% Bank of America...40% Goldman/Sacks...very risky, "saving" "checking" or relying on "government" insurence to replace your account value.....$.02
    Interesting. Well, assuming one actually has assets, what do you think the owner should do with them? I can't think of anything that can't be stolen or seized or taken by fraud, or destroyed in fire or natural disaster. A golden egg buried in your back yard? Ever hear of a sinkhole?
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  8. #22
    Distinguished Member Array GunGeezer's Avatar
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    I could be wrong about this but I was under the impression that banks can only consider an account inactive if there is no activity for a certain length of time and then only if there is less than a certain amount of money. An example would be a money market acct. that only allowed you so many transactions per yr. or a 5yr.CD.

  9. #23
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    Quote Originally Posted by CIBMike View Post
    Ditch the bank and become a member of a credit union.
    Wrong. Escheat property is escheat property regardless, Bank, Thrift, Savings Bank, Credit Union.........It is all the same.


    Quote Originally Posted by CaptSmith View Post
    Ditch the banks...your account can be taken with a pen, your account (checking and savings) value is carried as a asset on the banks books , and is used as collateral in intra-bank loans and hypothacation...please note all the TBTF (to big to fail) bank stock's are trading vastly below thier stated value (book), as much as 60% Bank of America...40% Goldman/Sacks...very risky, "saving" "checking" or relying on "government" insurence to replace your account value.....$.02
    Wrong. FDIC Insurance insures accounts up to $250,000 right now. The FDIC Fund is solvent and no, there is no more risk than the most risk-free (a relative term, friends) investment in the world - US Securities as defined in investment analysis.

    The six month deal does not make sense to me, but heh, I don't live in Kentucky. Of interest, property generally does not escheat to the state until after the holder has attempted and failed to identify the owner. Said failures due to death, a move, a name change, etc. After that, the property escheats to the state, which then publishes list of property by last known owner.

    What is more common is the Utility Deposit forgotten by the renter, the deposit for a room at the hotel not applied to the bill correctly, all kinds of deposits and or pre-paid items.

    Also consider lost/forgotten gift cards - those funds escheat to the state ultimately! That is millions! The reason many gift cards get "service charged" to death (for inactivity, etc.) is so the issuer doesn't have the funds escheat to the state.

    Oil and gas production proceeds held pending Division Orders - hundreds of millions.
    Hopyard likes this.

  10. #24
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    Here , if it's been inactive (no deposits or withdrawals ) in a year, the bank has to make attempts to notify you the account could go inactive (which means it can be transferred to the State). A phone call you got the notice, keeps the account "active" and they can't do anything with the account. Most banks will keep the account for 2 yrs though.

    Once it is "with the State" , the State has to try to find the person (they don't actually try). After 5 yrs, the account can be absorbed into the general fund by the State.

    That's how it works here. We did a search on my father within the State's website on it, and found 2 accounts being held of my father's after he died. We submitted a death certificate and that we were his heirs, and they forwarded it to us. Some banks will turn an account over to the State once they know the person has died, and no-one has claimed it within 90 days.

    Yep, it also includes safe deposit boxes, and here..... they charge you to get those, and will not tell you what's in them until you pay either.
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  11. #25
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    Yep, it also includes safe deposit boxes, and here..... they charge you to get those, and will not tell you what's in them until you pay either.
    Yep. Past Due rent and locksmith fees.

  12. #26
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    Quote Originally Posted by Hopyard View Post
    Interesting. Well, assuming one actually has assets, what do you think the owner should do with them? I can't think of anything that can't be stolen or seized or taken by fraud, or destroyed in fire or natural disaster. A golden egg buried in your back yard? Ever hear of a sinkhole?
    Lol@sinkhole! That's so true! I never thought of that!

  13. #27
    Distinguished Member Array DefConGun's Avatar
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    Quote Originally Posted by Rock and Glock View Post
    Wrong. Escheat property is escheat property regardless, Bank, Thrift, Savings Bank, Credit Union.........It is all the same.




    Wrong. FDIC Insurance insures accounts up to $250,000 right now. The FDIC Fund is solvent and no, there is no more risk than the most risk-free (a relative term, friends) investment in the world - US Securities as defined in investment analysis.

    The six month deal does not make sense to me, but heh, I don't live in Kentucky. Of interest, property generally does not escheat to the state until after the holder has attempted and failed to identify the owner. Said failures due to death, a move, a name change, etc. After that, the property escheats to the state, which then publishes list of property by last known owner.

    What is more common is the Utility Deposit forgotten by the renter, the deposit for a room at the hotel not applied to the bill correctly, all kinds of deposits and or pre-paid items.

    Also consider lost/forgotten gift cards - those funds escheat to the state ultimately! That is millions! The reason many gift cards get "service charged" to death (for inactivity, etc.) is so the issuer doesn't have the funds escheat to the state.

    Oil and gas production proceeds held pending Division Orders - hundreds of millions.
    Very good info. I wondered why there were fees on gift cards. I always assumed it was just a way for the issuer to cheat you out of your money. It is in a way but ultimately its so they get their money back as opposed to handing it over to the state. In light of that, its pretty smart.

    Thanks for the heads up.

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