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; I went to the bank today to open up a savings account. During the course of conversation that unfolded during the process, I was told ...

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  1. #1
    Distinguished Member Array DefConGun's Avatar
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    The State Can Seize Your Money Due to Inactivity?

    I went to the bank today to open up a savings account. During the course of conversation that unfolded during the process, I was told that the State Government can sieze your account if there's not any activity for 6 months or more. I had to take a double take and ask why would the state be looking at my savings account? I think I might have even thrown in a, "what business is it of theirs?".

    The rationale that was provided was that its a way for them (the state) to seize money from someone that has passed away and had an account that the family was not aware of, etc. This whole thing, for whatever reason, seemed odd to me. I mean, wouldn't it be awful if you had money in an account sitting around forever and the government didn't get to spend it? The whole matter seems to imply that the government's position is that its their money and they are only allowing us to use it for a short while. So, if we pass away, it stands in perfect reason that they would confiscate property that by all means belonged to them originally.

    Perhaps I wasn't properly informed and there is either more to this or this isn't an accurate account of what happens as well as the reasons as to why said actions take place but if it is true, it irritates me to no end. Now please don't for a moment think that I have thousands of dollars socked away with or without my family's awareness but at the same time if I did, how does the government have a right to seize my money?

    Please don't turn this into a slamfest where one party bashes the other party. I don't think this is about a Republican/Democrat position. I am mostly posting this to make you aware of this if you didn't already know. I would also like some correction if I'm not understanding this issue correctly. I am, in other words, taking into account that the person at the bank did not properly relay this information to me, etc.

    Any help you may provide in clearing this up if I'm mistaken is greatly appreciated.
    DCG

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  3. #2
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    I am sure it takes more than 6 months but unclaimed funds are put into escheat accounts. Each state usually has websites to recover these funds generally through the State Treasurers Office.
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    Is interest added to the acct by the bank on a regular basis considered activity?
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    Quote Originally Posted by gunthorp View Post
    Is interest added to the acct by the bank on a regular basis considered activity?
    No there must be some activity such as a deposit or withdrawal.
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    Distinguished Member Array DefConGun's Avatar
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    The way it was explained to me was that there had to be some kind of activity and doing something as little as adding or taking a dollar away would be enough to keep the account in the good. I'm under the understanding that the money that you add or take away doesn't even have to be in there for an extended period of time. I was told that leaving the money in the account for 24 hrs. and withdrawing it would suffice in satisfying requirements.

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    Distinguished Member Array DefConGun's Avatar
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    Quote Originally Posted by msgt/ret View Post
    I'm not in NC but I should look into this... Someone told me a few weeks ago that my name showed up on a website that was saying I had unclaimed property. I thought it was a scam.

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    Quote Originally Posted by DefConGun View Post
    I'm not in NC but I should look into this... Someone told me a few weeks ago that my name showed up on a website that was saying I had unclaimed property. I thought it was a scam.
    Every state has similar websites, there are people that search the sites and offer to recover the money or property for a fee but if you just go through the states website there is no charge. Besides money in abandoned bank accounts other money such as unclaimed electric deposits are turned over to the state. You might check other states you have lived in, as an example I did a search for my brother after he moved from Florida and found a utility deposit he had left, a letter to the state and the funds were returned to him.
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    Senior Member Array Chad Rogers's Avatar
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    Quote Originally Posted by msgt/ret View Post
    I am sure it takes more than 6 months but unclaimed funds are put into escheat accounts. Each state usually has websites to recover these funds generally through the State Treasurers Office.
    I just decided to run my name/family names through an official state database and damned if I didn't come up with three hits!

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    Quote Originally Posted by Chad Rogers View Post
    I just decided to run my name/family names through an official state database and damned if I didn't come up with three hits!
    Which "official state database?" So you got three warrants out, well, call Mitchell.
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    Distinguished Member Array 21bubba's Avatar
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    Quote Originally Posted by DefConGun View Post
    I went to the bank today to open up a savings account. During the course of conversation that unfolded during the process, I was told that the State Government can sieze your account if there's not any activity for 6 months or more. I had to take a double take and ask why would the state be looking at my savings account? I think I might have even thrown in a, "what business is it of theirs?".

    The rationale that was provided was that its a way for them (the state) to seize money from someone that has passed away and had an account that the family was not aware of, etc. This whole thing, for whatever reason, seemed odd to me. I mean, wouldn't it be awful if you had money in an account sitting around forever and the government didn't get to spend it? The whole matter seems to imply that the government's position is that its their money and they are only allowing us to use it for a short while. So, if we pass away, it stands in perfect reason that they would confiscate property that by all means belonged to them originally.

    Perhaps I wasn't properly informed and there is either more to this or this isn't an accurate account of what happens as well as the reasons as to why said actions take place but if it is true, it irritates me to no end. Now please don't for a moment think that I have thousands of dollars socked away with or without my family's awareness but at the same time if I did, how does the government have a right to seize my money?

    Please don't turn this into a slamfest where one party bashes the other party. I don't think this is about a Republican/Democrat position. I am mostly posting this to make you aware of this if you didn't already know. I would also like some correction if I'm not understanding this issue correctly. I am, in other words, taking into account that the person at the bank did not properly relay this information to me, etc.

    Any help you may provide in clearing this up if I'm mistaken is greatly appreciated.
    DCG
    Contact the Office of the State Treasurer Todd Hollenbach at Kentucky State Treasury - Home They have all the definitions on "unclaimed funds in the state of Ky. Don't ask how I know this.
    DefConGun likes this.

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    Distinguished Member Array Arborigine's Avatar
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    If you guys have extra money laying dormant, i would be happy to excercise it for you.

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    Distinguished Member Array DefConGun's Avatar
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    Quote Originally Posted by 21bubba View Post
    Contact the Office of the State Treasurer Todd Hollenbach at Kentucky State Treasury - Home They have all the definitions on "unclaimed funds in the state of Ky. Don't ask how I know this.
    Good info, thanks for sharing. ;-)

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    Quote Originally Posted by DefConGun View Post
    The rationale that was provided was that its a way for them (the state) to seize money from someone that has passed away and had an account that the family was not aware of, etc. This whole thing, for whatever reason, seemed odd to me. I mean, wouldn't it be awful if you had money in an account sitting around forever and the government didn't get to spend it? The whole matter seems to imply that the government's position is that its their money and they are only allowing us to use it for a short while. So, if we pass away, it stands in perfect reason that they would confiscate property that by all means belonged to them originally.
    Wow...this kind of mentality is the same I found here in Germany. Everything you "own" eventually goes back to the State...even your remains after you die. I hate that mentality. If I worked for my money, and I bought something...it's mine. The state doesn't get a vote. Laws like this could make it easier for anti-gunners to work to pass a law that prevents guns from being passed from generation to generation, thus, another reason to fight against gun registration or anything that looks or smells like gun registration. It is not the States business what I own, how much or many I own....or what I do with them.
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  16. #15
    Senior Member Array CIBMike's Avatar
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    Ditch the bank and become a member of a credit union.
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