Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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?
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.
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.
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?
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
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.
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
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
