Posted on 06/17/2014 4:58:58 PM PDT by Whenifhow
Let’s say you take out a safety deposit box for precious family heirlooms, or create a bank account for your children that you don’t 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?
That’s what happened to Glenn Beck’s 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.
snip
“I guess it was six months ago,” Kerry explained on Beck’s 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. She’s 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 didn’t 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.
SNIP
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 ...
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 didn’t 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
(ii)
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
(iv)
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
(v)
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.
it would not have cost you your retirement. if you prove yourself the owner of the money the state will return it reluctantly but they will return it. the alternative is to have vanguard bury the money and never give it to you. the states require accountability and notice to the owner. and the states are publishing the information online. vanguard isn’t. you got your money because vanguard was required to seek you out and notify you.
he said no notice from the state the holder should be giving notice. the state doesn’t have to but most have websites where you can search for your stuff. it’s not new just more visible because more people leave stuff around. a bank is not your home.
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