that he found an old bank account booklet in my name. I had completly forgotten about opening this (savings account)as I was only about 12 yrs old. The bank and my dads home is 400 miles away. I never closed the account. Should I expect a surprise or disappointment when I get the book from dad and call them to check the status of that accounts. it was not a whole lot of money but it was alot for a kid 40years ago. when I put the money into this account at that time there was not such a thing as account service fee's as back then bank offered these as incentive for kids to save. My question is of legal nature if the money is gone and eaten up by fee's, do I have legal recourse to recover the cash plus 40 yrs of interest?
2006-07-08 05:30:07 · 5 answers · asked by BONES 4 in Business & Finance ➔ Personal Finance
This account would be dormant. Many banks charge a monthly fee for this. It is possible that you could get the money back, but don't get your hopes up.
2006-07-08 06:46:48 · answer #1 · answered by Rich B 3 · 0⤊ 0⤋
It really depends on the bank and the State a lot of banks and States have the equivalent of a dead letter office where after a certain amount of time the money if not claimed ( due to death or neglect) is reverted to the bank or the State. If you were incurring fees each month then the account would have dried up a long time ago but if the account was before the new rulings and bank policy changes then it might have been "Grandfathered in" and might still be there either way it is "found money" so if it doesn't turn out don't let it bum you out .
Good Luck!
2006-07-08 05:39:04 · answer #2 · answered by magicboi37 4 · 0⤊ 0⤋
I hate to say this, but I went through this with an account from Wiswconsin. The account was basically gone. After so many years inactive, the bank had managed to attach it. It was as if I had died. Ther was a ton of paperwork to prove I was that person, then to prove all the name changes from marriage as well as a different state. I think it had like 15.00 left by the time I got done with it all. the fees for the finder paperwork were more than that. Good luck. Now, if it were old savings bonds! You would definitely have a find!
2006-07-08 05:38:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maybe you should see wht you've got before considering legal action!
What you should expect though, is that the bank will want loads of ID when you go in to update your account. If you've not had any correspondence from them for about 40 years it's likely that you've moved house a few times. They'll expect you to prove who you are before getting at the money.
I hope it's a windfall!
2006-07-08 05:36:39 · answer #4 · answered by ftmshk 4 · 0⤊ 0⤋
More than likely, the account was turned over to the state long ago and is waiting for you to claim it in the state's unclaimed property.
2006-07-08 06:45:17 · answer #5 · answered by homeschoolmom 5 · 0⤊ 0⤋