U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-03-2015, 01:51 PM
 
Location: Las Vegas
561 posts, read 587,574 times
Reputation: 614

Advertisements

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!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-03-2015, 02:19 PM
 
Location: Las Vegas
924 posts, read 1,681,525 times
Reputation: 696
Quote:
Originally Posted by LVAllen View Post
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 02:53 PM
 
616 posts, read 492,777 times
Reputation: 698
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...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 03:01 PM
 
16,896 posts, read 10,788,376 times
Reputation: 15517
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 03:10 PM
 
2,394 posts, read 2,220,787 times
Reputation: 5517
Quote:
Originally Posted by LVAllen View Post
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 03:12 PM
 
Location: Lancaster, CA / Henderson, NV
1,107 posts, read 1,312,261 times
Reputation: 1029
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 03:38 PM
 
Location: Las Vegas
561 posts, read 587,574 times
Reputation: 614
Quote:
Originally Posted by PhureeKeeper View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 05:17 PM
 
616 posts, read 492,777 times
Reputation: 698
Quote:
Originally Posted by LVAllen View Post
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 05:34 PM
 
Location: Las Vegas, NV
2,980 posts, read 8,205,781 times
Reputation: 1460
Quote:
Originally Posted by hotjambalaya View Post
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!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-03-2015, 06:15 PM
 
12,973 posts, read 14,549,636 times
Reputation: 5458
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.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top