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Old 07-26-2019, 09:23 PM
 
12,122 posts, read 5,199,282 times
Reputation: 19222

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Quote:
Originally Posted by Oklazona Bound View Post
You would think that it would need to come certified mail in order for them to seize your money. You have done nothing wrong except leave the money in their bank. For storage units to go up for auction there is a whole process of certified letters and phone calls that have to be documented first. And the storage company has to sell the unit not seize it.

Amazing how banks have such leeway on these kinds of things. This has to be a huge cash cow for them.
The banks don't keep the money. They legally have to turn it over to the state and the state holds it. I don't see a huge cash cow in this for the banks.
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Old 07-26-2019, 09:23 PM
 
Location: Scottsdale, AZ
7,854 posts, read 4,812,350 times
Reputation: 28688
Quote:
Originally Posted by TheShadow View Post
My husband checked on his deceased brothers account and found $ being held by the state, but since his brother had no will when he died, it was a complicated process to get the money.
I know someone who has had a number of dormant accounts turned over to the State of California and knows it but he will not bestir himself to claim the money because "it's too much trouble." It must be in excess of $20,000 by now.

I don't pretend to understand that kind of thinking.
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Old 07-26-2019, 10:20 PM
 
7,175 posts, read 1,817,511 times
Reputation: 4275
Quote:
Originally Posted by marino760 View Post
The banks don't keep the money. They legally have to turn it over to the state and the state holds it. I don't see a huge cash cow in this for the banks.

The question is why does this need to be done? The money is in the bank why do anything?
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Old 07-26-2019, 10:36 PM
 
182 posts, read 31,066 times
Reputation: 186
Quote:
Originally Posted by cebuan View Post
My bank called an account 'dormant' with a $5 monthly fee if there was no activity for three months. So I opened another account, with a standing order to transfer a dollar between accounts every month. Saved me $60 a year, and willl never escheat, even if I die.
This.
It's very simple solution to all this govt nonsense. Open two accounts (in different banks), and setup automatic transfer of $1 two-ways every month. No problem, never dormant.
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Old 07-26-2019, 11:52 PM
 
15,151 posts, read 19,825,266 times
Reputation: 21356
I worked with escheated funds as part of my job and one thing that a lot of people dont know is that money is not always escheated to your state. It's escheated to either the state of your last-known residence or, if your last known address can not be verified, then it's escheated to the state where the organization/company is incorporated.

So it's always good to check not only your state but many other states, especially Delaware, where many banks/companies are incorporated.
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Old 07-27-2019, 03:21 AM
 
11,222 posts, read 8,606,681 times
Reputation: 28312
Quote:
Originally Posted by kanonka View Post
This.
It's very simple solution to all this govt nonsense. Open two accounts (in different banks), and setup automatic transfer of $1 two-ways every month. No problem, never dormant.
Escheatment isn't nonsense. Why should a bank be on the hook for the administrative costs and liability exposure from a long time inactive account?
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Old 07-27-2019, 03:35 AM
 
Location: Central New Jersey
2,487 posts, read 944,169 times
Reputation: 4417
I add 10 bucks to all our savings every 6 months or so. And send a check in to my mutual fund, IRA and Roth once a year.
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Old 07-27-2019, 03:38 AM
 
72,164 posts, read 72,121,987 times
Reputation: 49667
i keep no accounts i dont use ...a simple solution ... i don't need a savings account . our checking account pays all the bills and my fidelity account is always active
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Old 07-27-2019, 09:04 AM
 
Location: MID ATLANTIC
7,746 posts, read 18,679,412 times
Reputation: 8427
Quote:
Originally Posted by TMSRetired View Post
I've only ever had one credit card and I pay it off every month.
No mortgage and no car payment.
My score is over 800

In my case not having multiple cards has not impacted my score at all.
No two scores are calculated the same.

Elliedeee is absolutely correct - in certain circumstances haveing two credit cards closed for inactivity can be devastating to a score. Paying a card in full every month is not considered carrying credit and actually does little to a score.

https://www.bankrate.com/loans/perso...r-paying-loan/
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Old 07-27-2019, 09:08 AM
 
72,164 posts, read 72,121,987 times
Reputation: 49667
there are actually 55 different fico scores . they cater to each industry a bit differently .

the least accurate are the free ones you get with the credit cards . those are fico 8 bank card scores , not comprehensive credit scores . they weight credit cards very heavy .

some like citi use fico 8 and it runs to 900 not 850 so fico 8 bank card scores have no exact standard range . some go to 850 some go to 900

fico 9 does not count medical debt
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