Can a bank take your money after a period of time?
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?
Answers:
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.
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.
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.
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?
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