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-   -   Watch your Accounts (https://www.mcarterbrown.com/forums/money-finance/283307-watch-your-accounts.html)

DPrekel 01-19-2016 01:47 PM

Watch your Accounts
 
Just a reminder, cause I just got a letter in the mail and I thought I would share.

In most states, there is a law that if an account is inactive for X number of years (NJ is 3), the state can take it. Interest or reinvested dividends are not considered activity. Logging into the account to look at it may not be considered activity.

shinjinian 01-19-2016 01:53 PM

That's crazy. The law should be changed to make them look for the owner and if he/she is found they should be required to contact the owner first before being able to take control of the funds. Just because the account hasn't been used in a while doesn't necessarily mean the funds are abandoned.

rawbutter 01-19-2016 02:18 PM

Quote:

Originally Posted by DPrekel (Post 3225793)
I just got a letter in the mail...

This sounds like a scam to me. The letter didn't ask for any personal or financial information, did it?

Not to say that this never happens. The practice of seizing inactive accounts is called escheat, and it's legal in many states. Mostly it's designed to assume money that's been abandoned when someone dies without a will or heirs, but the law can be abused as well. It's worth knowing what can happen in your own state.

vw_wlfsbrg 01-19-2016 03:26 PM

That sounds odd, but in NJ you can look up unclaimed property. I am sure other states have similar searches. State of NJ- Department of the Treasury - Unclaimed Property

Axel 01-19-2016 03:39 PM

Unclaimed property websites are interesting, and I encourage you to check out the one in your state and search yourself even if you aren't missing anything. I found a renters insurance refund due to my brother when he moved and just forgot about the insurance. Things you might not think about can wind up there.

DPrekel 01-19-2016 04:09 PM

Quote:

Originally Posted by rawbutter (Post 3225801)
This sounds like a scam to me. The letter didn't ask for any personal or financial information, did it?

Came from my credit union, and I know it is not a scam. Only cost me a $500 pre-paid debit card to resolve the issue. :rolleyes:

RUN100 01-19-2016 04:50 PM

I am in Connecticut and that happened here with an account my mom had before she passed away, about two years ago. It had her's and my sister's name on it and my sister never touched it. Next thing you know the state wanted to claim it as abandoned because it hadn't been touched in two years. They even siphoned a few bucks out of it as a monthy penalty. She withdrew the balance and closed the account.


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