A friend of mine opened a savings account for his newborn 10 years ago. He moved and forgot about it. He recently remembered and when he went back to collect his $$ the bank told him that after a certain period of inactivity the state assumes the person has died and takes the money. Can this actually happen, and if so is there anything he can do to get his money back?
2007-08-08 18:11:51 · 5 answers · asked by jtht24 2 in Politics & Government ➔ Law & Ethics
States typically have an unclaimed property office (and often a website) you can check with to claim the money - that's where the idle accounts go.
2007-08-08 18:17:32 · answer #1 · answered by Anonymous · 2⤊ 0⤋
How much was the money deposited? Because first, (it depends on the bank and country) two years of inactivity of an account requires the bank to send a notice to the client of its dormancy state. Afterwhich they will already consider it dormant. With a service charge every month. It may be that the amount deposited all went to the charges. Or if its really a big amount, then he can proceed to the higher management and complain about it.
2007-08-09 00:44:20 · answer #2 · answered by josh 1 · 0⤊ 1⤋
The GOP is in mattress with the banks, so do no longer assume greater lending to small business company or middle type persons. the hot financial reform bill does not discourage lending. It discourages beside the point, lending of monies for mortgages and so on. at outrageous expenditures to those that can't make the money, then the banks farm out the loans and make further funds. it rather is how we've been given here and GOP became on top of issues of the Presidency, the abode and congress for many of it. it is definitely one among the flaws the financial Reform act is making an attempt to resign. guess you adult adult males like paying usurious expenditures of interest on mortgages, loans and credit enjoying cards.
2016-12-11 14:47:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
banks will often charge a ''maintenance fee'' on inactive accounts [what do they do- sweep the floor?] and when
the balance falls below the fee level, the account is closed.
Ain't life grand?
2007-08-09 03:25:15 · answer #4 · answered by sirbobby98121 7 · 0⤊ 1⤋
ooooh my god that sucks but it's 2007 i wouldn't be suprised if they get away with it legally. Not ethically of course.
2007-08-08 18:15:42 · answer #5 · answered by T-monster 3 · 0⤊ 2⤋