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A few months ago I get a notice from the bank. Mind you this notice is sent regular first class mail, not registered or certified etc.
The notice is for my CD that I have at the bank. It tells me that because it hasn't had any activity in the past 3 years, they are required by new NJ LAW passed in 2002, to turn it over to the state!!
I didn't know anything about this bill that passed and if I hadn't gotten the notice my account would have been handed over to the state. Then I would have to go through hoops trying to get back my money that they have confiscated.
Between myself, my wife and children we have a total of 19 CDS' with our bank. My bank was good enough to call me to let me know to bring them in to post intrest as to show activity on the accounts (that was after aprox. a year and a half). Maybe you should think about changing banks. I don't know if I'm allowed to post my banks name but they are always on top of things as far as my accounts are concerned. The NJ Law is N.J.S. 46:30B-1 and it requires your bank to notify you about dormant accounts before they are considered abandoned. The legislature did specifically address CD deposits and the fact that many people have them and almost forget about them over time. Bottom line is don't blame the state blame your bank. By the way the original uniformed unclaimed property act dates back years, this is just a modification. I think if your bank didn't hear a response from you in reply to their mailing they would have gotten in touch with you in another manner. Hope that helps!
Really? Is it a certain type of CD? I've got 2 CD's that I've had in a credit union for over 10 yrs that I just keep rolling over and nothing has ever happened or been mentioned to me about it?
Posting interest in an account "is not" enough activity to keep an account from becoming inactive after 1 year or dormant after 3 years were they are then turned over to the your resident state.
I have posted in the past about the "unclaimed funds" many people have. I continually find items for family and friends.
One of the other reasons for unclaimed funds are type-o's any part of your personal data could enable at bank account or returned business check to be passed to the state comptrollers office.
I have 2 CD's and at the end of the term I get a ltter from the bank telling my to roll it over or withdraw it...How do you have no activity on a CD for over 3 years?
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