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Government is getting creative in the way they acquire new revenue from we the people. California state government is solid Democrat, running that state with a super majority in both houses, so they just reduced the time by 80% between when your bank account is idle, and when the state can cease it as theirs.
You may be one of millions of Californians owed money by the State!
The State of California is currently in possession of more than $6.9 billion in Unclaimed Property belonging to approximately 24.9 million individuals and organizations
Do you have a bank account that you don’t actively use or a safe deposit box that you have not checked on for a while?
If so, you might want to see if the government has grabbed your money. This sounds absolutely crazy, but it is true. All over the world, governments are shortening the time periods required before they can seize “dormant bank accounts” and “unclaimed property”.
For instance, the waiting period in the state of California used to be fifteen years. Now it is just three years.
And when California grabs your money they don’t just sit around waiting for you to come and claim it. Instead, it gets dumped directly into the general fund and spent.
Fifteen years was an awfully long period. Yet, three years seems a little short. Anyway, such has been the law in many states for many years.
Note that a safety deposit box, for instance, will not be considered 'dormant' if the owner is still paying the fee.
At least once a year, here in Fort Worth, the local paper will run a special edition listing the names of dormant bank accounts.
Let us not forget that people die, and often they will have an account that no one knows about. People also will move, and not take the trouble of closing their bank account (they may draw out all of the money except for 10 cents and then leave it open).
All over the world, governments are shortening the time periods.........................
Which means it's not just Democrats doing this. I think if you do a little research you might be surprised at the wide range of politicians coming up with ways to take your money.
I got a notice from a bank about my idle CD. Of course it was idle and CDs are exempt from the idle account policy.
Tried to get an explanation as to why the CD rule was violated. Had docs to prove the account was discussed with officials from that bank 3 moinths prior to the first and final notice of abandonment.
I was concerned it was some sort of scam. Reported it to the state of NJ. Everyone did a dance with no real response as to what happened.
NJ does it so do other states, maybe new to Cali.
You can always reclaim it thought the bureacracy if you have the patience to deal with idiots following some unbending covert protocol.
Fifteen years was an awfully long period. Yet, three years seems a little short. Anyway, such has been the law in many states for many years.
Note that a safety deposit box, for instance, will not be considered 'dormant' if the owner is still paying the fee.
At least once a year, here in Fort Worth, the local paper will run a special edition listing the names of dormant bank accounts.
Let us not forget that people die, and often they will have an account that no one knows about. People also will move, and not take the trouble of closing their bank account (they may draw out all of the money except for 10 cents and then leave it open).
It is not really the end of the world.
If fifteen years was okay for decades, why suddenly is three years long enough to grab a person's bank account, safe deposit box, stocks, mutual funds, bonds or trust fund?
If fifteen years was okay for decades, why suddenly is three years long enough to grab a person's bank account, safe deposit box, stocks, mutual funds, bonds or trust fund?
Even the State Of Montana has such a program.
I don't know what the time period is, but once a year there is an article in the papers around the State about the Bureau of Unclaimed Property.
On a related note, are you aware that some financial institutions have a policy that will stop paying interest on an account that has no activity for a certain period of time? That's right, if you don't make a deposit or withdrawal for a while, they don't have to pay interest!
They can also levy "service charges" on inactive accounts that can drain the account to nothing over a long period of time if there is no activity!
It would behoove account owners to read the policies and procedures on their accounts.
If fifteen years was okay for decades, why suddenly is three years long enough to grab a person's bank account, safe deposit box, stocks, mutual funds, bonds or trust fund?
Maybe 15 years wasn't "okay"? I haven't studied it, but I'm sure someone has and that's why the change.
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