Skip to comments.The Alarming Reason the Government Confiscated Money From a Member of Glenn Beck’s Staff
Posted on 06/17/2014 4:58:58 PM PDT by Whenifhow
Lets say you take out a safety deposit box for precious family heirlooms, or create a bank account for your children that you dont make transactions with regularly. How long would it take you to realize that the government has actually confiscated your property, sometimes without even informing you?
Thats what happened to Glenn Becks chief of staff, Joe Kerry, and countless other Americans across the United States, many of whom are unaware that the state can legally take hold of your possessions if your account shows no signs of activity for a certain period of time.
I guess it was six months ago, Kerry explained on Becks radio program. [My wife, Melinda] was like, Joe, we stopped getting the statements on this one account. And first she wanted to know if I liquidated the account. I assured her I had not. Shes like, What happened? She started going through the statements, and on one statement, which was full of language, one sentence in one paragraph of that statement said, If you have no activity on this account, we will close out this account
Kerry, an attorney, said he didnt understand how the account was considered dormant when dividends were paid into it, and they were paying taxes on the money the whole time.
Never called you or notified you? Beck asked.
Nothing from the state, Kerry responded.
He said they were eventually able to figure out how much had been taken by looking at old statements, and were astonished when they found that the same thing had happened to a number of their neighbors.
I talked to Melinda today, Kerry concluded. As of two weeks ago, the state of Pennsylvania has now started sending this money back.
(Excerpt) Read more at theblaze.com ...
Kerry said they received an answer along the lines of: Well, under this new law
you dont log into this account in a six month period, that money is transferred to the state.
This guy is an idiot. This happens in every state. Banks are required to give notice. And if a safe deposit box is left unpaid, it is akin to being evicted.
I wish ignorant people would catch a clue before being “outraged.”
They look like fools when they get all worked up over banking practices that have been in place for nearly a century in most states.
It’s outright theft.
Well, under this new law you dont log into this account in a six month period, that money is transferred to the state.
That is absolute bs. One day they’re going to take money from the wrong person and it won’t go over so well.
It was floated in 2010 I believe, all IRAs, Keoghs, 401Ks, and private employee/employer retirement accounts through various vehicles, profit sharing. matching contributions etc, would be “transferred to the gubmint” and they would in return offer a “guaranteed retirement annuity” to the illegally dispossessed.
These people are serious. They want to dispossess all of us of every asset. All housing would be government housing. All assets would bcome government assets.
Oh yes. It is coming. Oh, in light of this, FDR declared private ownership of Gold as well as Gold and Silver certificates as void. Failure to turn in your Gold would put you in prison.
Happened before, it will happen again.
Kinda like the feds seizing money from the Michigan grocery store owner for making regular deposits under the bank reporting threshold.
it’s called escheatment and yes it may be cheating but it goes back to old english law that required abandoned property be turned over the king. he owned everything. The laws are different for each state, but they do give notice to the last known address and then after that the state owns it. but these guys are silly. you can claim the money from the state. it is held for you. They should try going to the state web site and looking up their names and then claim the property/money. might be a good idea for all of us. found money.
There is a video on the page - in which it is revealed this was a stock account which he had been paying taxes on.
They had not accessed this account for 6 months.
Many people do not access or make transactions on retirement or stock accounts.
and this guy is a lawyer. what mail order school did he go to. any reading of the law has rules for abandoned property on land and the high seas.
It wasn’t unpaid, it was inactive except for deposits.
Jumping to conclusions does tend to make one look foolish though.
these guys are silly. you can claim the money from the state. it is held for you. They should try going to the state web site and looking up their names and then claim the property/money. might be a good idea for all of us. found money.
If you listen to the video on the page - he was given NO notice. All of his info was correct - address and phone.
They did “claim their money” and it is in the process of being returned to them and several of their neighbors.
He mentioned a website in the video.
which will turn it over to you when you apply. granted many states accelerated the holding period but if you are smart enough to read your mail, you will see the notice of abandonment by the bank, investment house, money card holder, etc. then you claim your money. some states however don’t require notice. California actually sends mail to everyone who is on the preliminary filing list.
Safe deposit boxes are not turned over for lack of attention. As long as the rent is paid, it will stay there forever.
I worked in banking for years. This is stupid.
It was floated in 2010 I believe, all IRAs, Keoghs, 401Ks, and private employee/employer retirement accounts through various vehicles, profit sharing. matching contributions etc, would be transferred to the gubmint and they would in return offer a guaranteed retirement annuity to the illegally dispossessed.
These people are serious. They want to dispossess all of us of every asset. All housing would be government housing. All assets would become government assets.
You are correct - there is new legislation.
These people are serious!
he was given notice on the last statement. He never read it. Notice doesn’t require the person to read it or acknowledge it.he said there was stuff on it. Show me that last statement where it says you need to contact us about this inactive account. He’s a (typical stupid) lawyer (that doesn’t think the law applyies to him) this stuff is all well known.
I know a guy who worked a good job for years and never had a bank account. He owned the house his parents left to him and lived pretty simply and ended up with several hundred thousand dollars in a safe. He decided that it was too dangerous keeping it at home so he opened an account and deposited it.
He ended up regretting his decision within less than 8 hours when two FBI agents showed up at his door demanding answers and telling him that the money had been seized till they got answers.
The funds aren’t confiscated, they are held by the State and can be reclaimed by the owner.
My wife is a commercial realtor and paid an paid an assistant at one time. She paid all the taxes and fees to the government. At some point, she decided to start paying her as a contractor and and 1099’d her at the end of the year. The IRS took $700 out of our personal account because the figured we just didn’t claim or pay the taxes. No trial, no notice, no nothing. We got it back, but it took awhile.
I’ve personalty never heard of such a practice. And 6 months is an extremely short time, You expect to put something in a bank for a long term savings IE more than 6 months.
I had an account that was turned over to the state, too. It was back in the 70s and I didn’t have any activity in the account for almost two decades. I got it in grade school.
But my name was posted in the newspaper and it said to claim the money. I did and it was no big deal ... :-) ...
SO ... this has been going on for at least 40 years that I’m aware of!
Its happening now. States are going for new sources of revenue.
I have been collecting checks for elderly relatives who did not realize their ATT stocks split in 1984.
It has been a three year nightmare. The state has been very helpful in getting us every nickel and penny.
It is actually quite a process.
Vanguard sent me the official change of address form. I filled it out and had it notarized and returned to Vanguard. They acknowledged the update.
“I have been collecting checks for elderly relatives who did not realize their ATT stocks split in 1984.”
I’m elderly as your relatives are,but we certainly weren’t elderly in 1984. Why on earth were they not aware that there was a stock split?
Don't be so judgemental. It was in the Pennsylvania papers that Corbett had moved the abandoned property cut off from 10 to 5 years. That was it.
I have a family member who's entire IBM stock fund was gone. The only way he found out was when Compuserve sent him a statement that said $0.00. Turns out if you don't make any changes, don't make any withdrawals, or don't SEND IN ANY PROXY VOTES your account is considered abandoned.
Another instance was involving a Certificate of Deposit, after years of my brother letting his certificate self renew, it was turned over as unclaimed.
These people are not idiots. They were just unaware of the change in policy and didn't learn the facts until the money was gone.
BTW, it was in Sunday's paper that Corbett is considering lowering the unclaimed assignment to 3 years.
One bright spark in California is state controller John Chiang’s group. He has gone above and beyond the call in serving the public by proactively seeking out unclaimed property and assets. The website is easy to use and interaction with the folks there is upbeat and professional.
I had a $20 rebate from something like 12+ years ago with a hard drive manufacturer. It was listed on the site, I sent the claim form in, and it was approved and paid. It took about 6 weeks I believe for the approval, but they are pretty buried, and this is stuff you often never figured you see again, or had written off.
How are things at your bank?
NOT for a SIX MONTH PERIOD!!!!
You are NUTS!!!
DORMANT is NOT 6 months of no activity in Colorado!
Heirlooms kept in a safe box are auctioned. You can get the money but not the items. I think its a little funny that there are so many companies that have figured out how to charge your card every month/quarter/year for a product you buy once... yet banks will raid your account if you don’t use it once in 6 months.
Go to your accounts and set up recurring transfers every 60 days, send $100 from A to B, then from B to C, then from C to A and on and on. This way all the accounts will always have activity.
In Massachusetts, the Treasurer's office has a website where you can check if they've grabbed any of your accounts. Its existence is regularly advertised.
What the hell transactions have to be made? The purpose of the box it to put things in it and leave them there, for safekeeping.
There is really no private property. We just think we “own” things. But the reality of it is that the state lets us keep them but demands its tribute, taxes on it. The taxes are nothing more than progressive confiscation.
I’m ashamed to report that the state of GA has just instituted that same practice. Its called theft by taking.
Now you know what businesses go through all the time. My company was in court for years with the government claiming our 1099 folks were employees as opposed to contractors. It took years, but we won. Nothing on this thread is new and has been going on for decades, centuries, etc.
My bet is that it’s six months after notice is given. Not just six months. Has anyone check the state banking regs on this one?
Another “fundamental change” coming to Amerika.
I don’t doubt it.
Not so fast there Louie. I had an account closed. In Vermont, in fact, simply because I made no deposits or withdrawals for a period of time. There was a couple of thousand dollars in it and the bank just took it. After a lot of “Discussion” the account was restored when I consented to an automatic deposit arrangement. You cannot just let money sit in a bank account with no activity other than dividend deposits. The bank or the state will take it from you.
the process is called escheatment and it is borrowed from england that has been doing this for about 1000 years. Abandoned anything went back to the lord/king. the original owner.
Expropriate the Expropriators
an old Communist slogan
DORMANT is NOT 6 months of no activity in Colorado!
It may surprise you to learn that not everyone lives under your home state's laws.
Not in PA the law is still 5 years dormancy for banks, etc. The assets are still at the holders repository and after that they are sent to the state. PA is very nice to work with. It think most of this hype is made up and the guy is an idiot lawyer.
“She started going through the statements, and on one statement, which was full of language, one sentence in one paragraph of that statement said, If you have no activity on this account, we will close out this account
Kerry, an attorney, said he didnt understand how the account was considered dormant when dividends were paid into it, and they were paying taxes on the money the whole time.” he’s too stupid to look up the law and try to understand dormancy.
here is the legal description of dormancy for financial institutions from the pa statute which is very simple by the way.
“Increased the amount of the deposit, shares or claim, otherwise than by the crediting of accrued interest, or decreased it, or presented to the holder evidence of the deposit, shares or claim; or
Corresponded in writing with the holder concerning the deposit, shares or claim; or (iii)
Otherwise indicated an interest in the deposit, shares or claim as evidenced by a writing on file with the holder; or
Received tax reports or regular statements of the deposits, shares or claim by certified mail or other method of communication that will provide the financial institution with a record that such report or statement was
transmitted and received; or
Owned other property held by the financial institution to which subclause
(i), (ii), (iii) or (iv) applies.”
It might surprise you to learn there are at least 49 states where 6 months of inactivity does not constitute a “dormant” account.
I have a safe deposit box I haven’t been in in 10 years.......but the rent is paid. You are correct.
The branch manager could not understand why the account had been placed in a dormant status. . . when she started checking, she found almost ALL of the four, five, and seven year time deposit accounts opened the same year as my mom had opened hers were in dormant status. Computer programing glitch! So far, none had been dormant long enough to escheat. The bank manager said a personal in office balance inquiry would have counted as activity, or any online access.
Mom started joking about she'd have to plan on regular personal visits to her money. Instead, she opened online access to all her investment accounts.
That notice may be hidden in the fine print we seldom glance at let alone read.
No, they are required to mail a notice first class to the last known address. Often they are returned. What is the bank supposed to do? Hire a private eye to chase people down?
You are correct about that; I said notice where I should have said notification. You are warned about it being a possibility, but it is in all that fine print.