[LVAllen]

It's called escheatment. Basically, if someone is holding an asset for you, or in your name, and there hasn't been any contact in a while, the control over the asset reverts to the state. Say for instance you have a safe deposit box where you store your rare 1906 copper Indian Buffalo tin can. Through a series of unfortunate events, you neglect to pay the annual dues. They'll try to contact you, and when that doesn't work, they will drill out the lock, inventory the contents, and send it to the state.

Well, intangible assets are the same way. If you have a CD that has matured and it is just sitting there, eventually the bank has to turn it over to the state as unclaimed property. You never lose ownership of the property, it just gets collected and identified in a centralized location (The NV Treasurer's office) to make it easy for the owner to find.

Of course, when they do this, any interest on the asset while it's being held by the state is taken by the state and applied (near as I can recall) to the Millennium Scholarship program. Yeah, that's theft. But it's for the chiiiilllddreennnn!

[gvc8]

Originally Posted by LVAllen

It's called escheatment. Basically, if someone is holding an asset for you, or in your name, and there hasn't been any contact in a while, the control over the asset reverts to the state. Say for instance you have a safe deposit box where you store your rare 1906 copper Indian Buffalo tin can. Through a series of unfortunate events, you neglect to pay the annual dues. They'll try to contact you, and when that doesn't work, they will drill out the lock, inventory the contents, and send it to the state.

Well, intangible assets are the same way. If you have a CD that has matured and it is just sitting there, eventually the bank has to turn it over to the state as unclaimed property. You never lose ownership of the property, it just gets collected and identified in a centralized location (The NV Treasurer's office) to make it easy for the owner to find.

Of course, when they do this, any interest on the asset while it's being held by the state is taken by the state and applied (near as I can recall) to the Millennium Scholarship program. Yeah, that's theft. But it's for the chiiiilllddreennnn!

is this the same stuff that gets listed in the newspaper occasionally by name for unclaimed assets. and then if no one comes forward after public notification, then the state keeps it?

[hotjambalaya]

The real funny part is that certain types of activity don't count as activity!

So if I knew I was heading abroad for a while, set up all my payments etc, they can still close down the account and send the money to the state, potentially causing all sorts of problems.

Or Erma and Edna who have an untouched savings account, and leave all their banking mail for their out of state son to look at whenever he visits... 18 months really is harsh...

[ringwise]

Same thing happened to me, in CA. I had a HSA, but when I moved out of state, my new job's insurance didn't offer one, so I couldn't transfer the money. I never had a need to use the money, and after 3 years, I got the notice. Funny, I thought a "savings" account was supposed to be just that: saving money for the future. Apparently not in money-grubbing CA.

I filled out the necessary paperwork and just received my check (minus taxes, of course). They made it really cumbersome, a ploy to make folks just give up and let the state keep the money, I'm sure. Uh, no.

[PhureeKeeper]

Originally Posted by LVAllen

It's called escheatment. Basically, if someone is holding an asset for you, or in your name, and there hasn't been any contact in a while, the control over the asset reverts to the state. Say for instance you have a safe deposit box where you store your rare 1906 copper Indian Buffalo tin can. Through a series of unfortunate events, you neglect to pay the annual dues. They'll try to contact you, and when that doesn't work, they will drill out the lock, inventory the contents, and send it to the state.

Well, intangible assets are the same way. If you have a CD that has matured and it is just sitting there, eventually the bank has to turn it over to the state as unclaimed property. You never lose ownership of the property, it just gets collected and identified in a centralized location (The NV Treasurer's office) to make it easy for the owner to find.

Of course, when they do this, any interest on the asset while it's being held by the state is taken by the state and applied (near as I can recall) to the Millennium Scholarship program. Yeah, that's theft. But it's for the chiiiilllddreennnn!

Good grief. Any wonder why it has the word "cheat" in it?

[C_A_Braun]

Everyone should look up their name on MissingMoney.com Unclaimed Property FREE SEARCH - Officially endorsed By The States, Provinces and Naupa to see if the state is already holding money that used to belong to you. Check every state that you have lived in plus New Hampshire & Connecticut.

[LVAllen]

Originally Posted by PhureeKeeper

Good grief. Any wonder why it has the word "cheat" in it?

It's actually not a bad system. Imagine that the previously-mentioned rare 1906 Indian Buffalo tin can was not owned by you, but by an elderly relative. Over time, the elderly relative forgets that he has a safe deposit box, or where it is. Without the unclaimed property laws, there is next to no chance of him ever finding the property again. Or maybe someone moved without telling the utility where they could send the refund of the deposit, and that check never gets cashed. There would be no way anyone would know about it, much less claim it, unless companies were forced to provide an accounting on a regular basis.

[hotjambalaya]

Originally Posted by LVAllen

It's actually not a bad system. Imagine that the previously-mentioned rare 1906 Indian Buffalo tin can was not owned by you, but by an elderly relative. Over time, the elderly relative forgets that he has a safe deposit box, or where it is. Without the unclaimed property laws, there is next to no chance of him ever finding the property again. Or maybe someone moved without telling the utility where they could send the refund of the deposit, and that check never gets cashed. There would be no way anyone would know about it, much less claim it, unless companies were forced to provide an accounting on a regular basis.

With regards to safe deposit boxes etc I'm not sure how its handled in other countries, its an interesting question, but I'd expect items to be kept in storage for a much longer period of time released on payment of dues owed. However, why is the state interfering to such an extent to private matters? Keep track of your things! Given that storage lockers get to auction off items, why should safety deposit boxes be different?

With regards to checks and refunds, these days with email there really isn't much of an excuse since an email address will tend to follow someone for life.

What happens with items ultimately? Auctions?

[AA702]

Originally Posted by hotjambalaya

So I got a letter today from my bank, saying that because I hadn't used one of my accounts in a little while they were planning on giving my money to the state. That is was in fact law....

Literally, what, the, hell?!?

Dear Mr hotjambalaya, we've decided that since you haven't used your account for 18 months, that you don't really need the money, so we've got to give it away... You know, the money that you've tucked away for a rainy day, well, since it hasn't rained we're going to help ourselves!

The best part is, that direct deposits and payments etc don't count as account activity. Why not just say that nothing counts, then they can just take all the money regardless?!

I have to say, in a town full of hustlers, the state really is the best!

I use to live in San Jose and I've had Bank of the West since the early 90's. My account was opened at one of the oldest branches they have and the account # is still the same. I've always loved this bank because they are still a customer friendly small bank. I have a savings account that I do not touch and I've never had any inquiries on them giving my money to the state. That is just strange!

[lvoc]

Same thing occurs in all the states. Timing varies but in the end the same result. If it belongs to no one the State gets it. There are some reasonable pushes to find the owner of large sums or valuable objects. But most are for small sums and are researched only bu web or newspaper lists.