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Old Yesterday, 11:18 AM
 
5,488 posts, read 2,868,914 times
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A similar notice shocked me, too. It was only a few hundred dollars of an employee account that I had contributed to for a short time and then left alone, accumulating a bit of interest. The notice alerted me to make some kind of transaction OR simply contact the organization to fulfill the 5-year contact period. Since then, I have moved a couple of times, and providing them the new address is one way of fulfilling the contact requirement.

In fact, I do something to make contact once a year (keyed to an important date that is easy to remember). That way, it is extremely unlikely another 5 years of no contact will ever happen again. I also intend to roll the funds into another account.
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Old Yesterday, 11:27 AM
 
1,296 posts, read 284,776 times
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Quote:
Originally Posted by gentlearts View Post
So, what’s the big deal? Go deposit or withdraw $5. and do it a few times a year.
think OP was trying to be helpful
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Old Yesterday, 11:36 AM
 
Location: Raleigh
8,378 posts, read 6,213,687 times
Reputation: 11690
Quote:
Originally Posted by katharsis View Post
I was absolutely shocked to receive a form letter from our bank saying that if we did not make a withdrawal or deposit to one of our accounts (just a regular savings account) that they will send the funds to the state as it has not been touched in five years! As the account now holds a little over $10,l000 -- the original 10K plus interest -- this was not just a little bit of pocket money (to us, anyway).

This is the first time that we ever received such a notice because it was the first time that we had left an account lie completely dormant for that long. (We had received an inheritance and just decided to put it in a separate account until we wanted or needed to use it.)

And what was REALLY scary is that it came in an unremarkable envelope that could have just ended up in the trash as junk mail!
Is it your primary bank?

What's interesing (to me) is that they'd send you that if you had a primary checking or other business with that bank.

If its just a random bank that holds a single savings account, that makes more sense.
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Old Yesterday, 11:47 AM
 
6,766 posts, read 1,408,480 times
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Quote:
Originally Posted by JONOV View Post
Is it your primary bank?

What's interesing (to me) is that they'd send you that if you had a primary checking or other business with that bank.

If its just a random bank that holds a single savings account, that makes more sense.
Yes, it was from our regular bank where we also have a fairly large savings account and our checking account, too, which is another reason I was shocked to see this (although I would guess that the notice was probably computer generated from their headquarters with no cross-checking done).
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Old Yesterday, 12:49 PM
 
6,341 posts, read 4,774,534 times
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Quote:
Originally Posted by katharsis View Post
Yes, it was from our regular bank where we also have a fairly large savings account and our checking account, too, which is another reason I was shocked to see this (although I would guess that the notice was probably computer generated from their headquarters with no cross-checking done).
I do understand you were shocked and worried but you should not have been. As you saw this is a typical policy for dormant accounts even if you have other accounts with the same bank, even if you are readily traceable. If you were a huge client, perhaps your personal banker would have called, but I doubt.

Now that you know better you can behave differently in the future. I suppose you have warned some others but most of us already knew this.
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Old Yesterday, 12:52 PM
 
Location: OH>IL>CO>CT
5,260 posts, read 8,449,867 times
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Go to this Wells-Fargo "glossary" webpage and lookup Inactive Account, Dormant Account and Escheat to see W-F's policies. Note that they say nothing about just viewing an account On-Line.

https://www.wellsfargo.com/help/chec...s/glossary#D-L

Checking & Saving accounts have different cut-off times.

In my case, at a minimum, the Checking account gets a monthly deposit, and one check a year is written on the Savings.
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Old Yesterday, 01:19 PM
 
6,341 posts, read 4,774,534 times
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In NY, bank accounts are considered abandoned and are forwarded to the State after 5 years with no activity. The time periods vary by State and type of account.
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Old Yesterday, 01:28 PM
 
Location: The sleepy part of New York City
1,996 posts, read 1,223,229 times
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Quote:
Originally Posted by jrkliny View Post
In NY, bank accounts are considered abandoned and are forwarded to the State after 5 years with no activity. The time periods vary by State and type of account.
My NY savings acct was never forwarded to the State so don't count on that.
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Old Yesterday, 01:58 PM
 
1,983 posts, read 4,634,867 times
Reputation: 1438
Quote:
Originally Posted by katharsis View Post
I was absolutely shocked to receive a form letter from our bank saying that if we did not make a withdrawal or deposit to one of our accounts (just a regular savings account) that they will send the funds to the state as it has not been touched in five years! As the account now holds a little over $10,l000 -- the original 10K plus interest -- this was not just a little bit of pocket money (to us, anyway).

This is the first time that we ever received such a notice because it was the first time that we had left an account lie completely dormant for that long. (We had received an inheritance and just decided to put it in a separate account until we wanted or needed to use it.)

And what was REALLY scary is that it came in an unremarkable envelope that could have just ended up in the trash as junk mail!
I had this happen with an old credit card that I wasn't using. The bank sent me a letter stating that it was going to close the account due to inactivity. I hadn't used the card in several years. I was surprised, but apparently banks don't want "inactive" accounts on their books. This is different from your situation since there weren't any funds to send to the state. But it was the first time this has happened in my case.
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Old Yesterday, 02:00 PM
 
11,205 posts, read 8,594,278 times
Reputation: 28265
Quote:
Originally Posted by katharsis View Post
Well, what was scary to me was the possibility of actually needing the money and then finding out it was gone because I had thrown away the notice, thinking it was just junk mail. (I would have thought it would come in some kind of official-looking envelope with "IMMEIDATE ATTENTION REQUIRED" written on it instead of looking like it was just kind of routine sales pitch (judging from the envelope) like we get so often. Yes, I know now that it could have been recovered, but it would mean at least some hassle and some kind of delay.

However, I do appreciate the comments and info that I have received from everyone, so THANKS!
You can monitor your accounts online including any correspondence.
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