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Old 08-03-2015, 11:49 AM
 
608 posts, read 472,305 times
Reputation: 671

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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!
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Old 08-03-2015, 11:58 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,060,564 times
Reputation: 3719
Seems a bit far fetched, WHICH BANK and what was the reason

Jonathan
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Old 08-03-2015, 12:03 PM
 
608 posts, read 472,305 times
Reputation: 671
Bank of the West

Reason is account inactivity. Crazy, what about people's savings?!


Quote:
During our most recent review we noticed there has been no activity on the account referenced below since 10/27/13. Unclaimed property law requires financial institutions to transfer funds to the state if the account has been inactive for certain periods of time. Please note that electronic debits and credits, such as Automatic Bill Payment, interest payments and Direct Deposit transactions are not recognized as activity under state law
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Old 08-03-2015, 12:09 PM
 
Location: Kissimmee
347 posts, read 459,789 times
Reputation: 508
Cash-hungry governments across the world seize inactive bank accounts

https://cofda.wordpress.com/2014/02/...bank-accounts/
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Old 08-03-2015, 12:12 PM
 
608 posts, read 472,305 times
Reputation: 671
amazing really.

15 years seems somewhat reasonable, with the option to claim it back

Nevada seems to be 2 years, I got the letter after 18 months, and apparently there's another sent at 21 months.
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Old 08-03-2015, 12:22 PM
 
2,557 posts, read 4,200,051 times
Reputation: 2227
You confirmed that it really is from the bank?
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Old 08-03-2015, 12:23 PM
 
608 posts, read 472,305 times
Reputation: 671
Yes, called the main bank number, failed the security and actually got put through to my local branch and spoke to people that I knew to sort it.
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Old 08-03-2015, 12:43 PM
 
Location: Salt Lake City/Las Vegas
1,596 posts, read 2,493,644 times
Reputation: 1895
That does seem a bit heavy handed. I'm betting it's a pre-emptive CYA (liability) move.

Bill
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Old 08-03-2015, 12:46 PM
 
Location: Las Vegas
2,877 posts, read 2,270,242 times
Reputation: 2440
Thought this thread was going to be about Casino War
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Old 08-03-2015, 12:47 PM
 
7,255 posts, read 4,410,144 times
Reputation: 11383
Happens everywhere. I received a letter years ago (I'm in Mass). Just needed to make a $1 transaction to keep it alive.
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