Bank

Bank

PostBy: Dann757 On: Wed Aug 15, 2012 11:35 am

I've been busy working for a living and just got a stack of bills from my Post Office box. Got 'em all paid and opened a letter from my bank. It said:

Your high yield tiered IMMA account has been determined to be DORMANT. No activity for one year. After three years, The State of New Jersey will SEIZE the account!!!!

OK, I guess high yield means the tiny interest rate I'm getting that is on the right side of the decimal point!

What next? My business savvy lady friend who knows how to calm me down suggested I put away my Irish temper and go down to the bank and find out how to rectify the matter.

A few years ago I raised holy hell in another branch of the same bank in another town. I had cashed a paycheck there previously; and the idiot tellers demanded I pay them $50.00. They claimed the teller-in-training overpaid me! I told them to *censored* off.


The teller took my signature today and the account is now deemed active.

I sure don't blame the big dogs for putting their money in offshore accounts!

Be carefull in your transactions!
Dann757
 

Re: Bank

PostBy: samhill On: Wed Aug 15, 2012 11:43 am

It's them big dogs that own the banks.
samhill
 
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Re: Bank

PostBy: anthony7812 On: Wed Aug 15, 2012 12:38 pm

New Savings Plan..... Fire and Water Proof Safe In Hidden Location In Home... might not gain any but hey only one to blame for anything is yourself. Easy to cope with knowing that you lost your own money than someone else owning another corvette. ;)
anthony7812
 
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Re: Bank

PostBy: freetown fred On: Wed Aug 15, 2012 12:46 pm

anthony, throw a dollar in every year & you'll be way ahead of the banks interest rate :(
freetown fred
 
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Re: Bank

PostBy: anthony7812 On: Wed Aug 15, 2012 12:55 pm

Fred the only thing I gotta figure out tho, is how to produce dividends on the safe. Once I figure this out, I'll be cruisin with my corvette. :yearight:
anthony7812
 
Stoker Coal Boiler: VanWert VA 400
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Re: Bank

PostBy: SMITTY On: Thu Aug 16, 2012 6:34 am

Dann757 wrote:After three years, The State of New Jersey will SEIZE the account!!!!

WTF right does the state have to ANY bank account??? :mad: I'd be pissed too! That's infuriating!! I would bet 10:1 MA probably does the same thing. I've always banked at credit unions, at least up here, & I've never had that happen - even after forgetting I had $10 in an account & then leaving to go out west for a couple years. My one foray into a big bank in AZ didn't go so well. :lol:

I'd be just as pissed at the bank for allowing that to happen though. If it were me, I'd dump them.
SMITTY
 
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Re: Bank

PostBy: samhill On: Thu Aug 16, 2012 7:55 am

That was common practice with most banks, they claim it costs them money to use your money? Still haven't figured how that works, another great thing is charging you money for insufficient funds, now if you didn't have enough in the first place where do they think your gonna come up with more from?
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
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Re: Bank

PostBy: whistlenut On: Thu Aug 16, 2012 8:35 am

Something about a fox in the hen-house....or that's how the old timers express the 'bankers logic'. Of course it costs them money to go to golf junkets all over hell and back...so called charity events, and like every other business lately, not staffed by folks that can make a decision. Pretty faces, bubbly personalities. If you have a pair, stand up and be counted when it's your turn! Dann....easy boy, or they will ship you off to 'anger management therapy'. Of course that itself will flip you out worse than if they left you alone. Have a wonderful day, and stay away from the 'stress centers'. :lol: :P :mad: :idea: :D
whistlenut
 
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Re: Bank

PostBy: blrman07 On: Thu Aug 16, 2012 9:04 am

copied from http://en.wikipedia.org/wiki/Lost,_misl ... d_property

Unclaimed Property laws in the United States provide for two reporting periods each year whereby unclaimed bank accounts, stocks, insurance proceeds, utility deposits, un-cashed checks and other forms of "personal property" are reported first to the individual state's Unclaimed Property Office, then published in a local newspaper and then finally the property is turned over to the State for safe keeping until its rightful owner makes a claim. The states sponsor a free public site that reports only a portion of the unclaimed property available in the United States. There are commercial sites as well that provide the same information or portions of the information for a fee. Some consumer reporting sites that conduct the research and assist consumers without charge or expense to the consumers.

Ps. This was explained in the fine print on that little thing called a contract when you signed it to open the account.

READ BEFORE YOU SIGN

In Pa. the State maintains a website for unclaimed accounts and refunds. Just as a lark one day I checked it and was floored to find my name on it. We took a cruise in 2003 and didn't get refunded our entire tip fund remainder. Filled out one form, sent it to the state and collected a couple hundred dollars I didn't even know was there.

Blrman07
blrman07
 
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Re: Bank

PostBy: Dann757 On: Thu Aug 16, 2012 2:28 pm

samhill wrote:It's them big dogs that own the banks.


This is a small local bank, genius.

blrman07 wrote:Ps. This was explained in the fine print on that little thing called a contract when you signed it to open the account.


It wasn't a little thing, it was a complicated legalese document. I just originated what I thought was an interesting post. Next time I'll try to pull information from Wikipedia like you did. Perhaps you could find it in your perfection to allow me a little righteous indignation. sheesh..

By the way, it's the State of NJ that required it.
Dann757
 

Re: Bank

PostBy: samhill On: Thu Aug 16, 2012 2:41 pm

Hey Dann, who do you think your small local bank does business with? Give you a hint, it's not like if a local person banks $10k they don't really hold that money there for you incase you need it like some think.
samhill
 
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Re: Bank

PostBy: gaw On: Thu Aug 16, 2012 4:32 pm

Dann757 wrote:I've been busy working for a living and just got a stack of bills from my Post Office box. Got 'em all paid and opened a letter from my bank. It said:

Your high yield tiered IMMA account has been determined to be DORMANT. No activity for one year. After three years, The State of New Jersey will SEIZE the account!!!!


More proof that they get you coming, going and standing still
gaw
 
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Re: Bank

PostBy: blrman07 On: Fri Aug 17, 2012 6:44 am

Dann757 wrote:This is a small local bank, genius.


Now how are we supposed to know that your using a small local bank? They all have the same type of contracts for checking, savings, and Christmas Club accounts. Not very many small local banks left anymore. Most of them are tied through tentacles to large conglomerates and all you can see is the small building they sit in.

Dann757 wrote:It wasn't a little thing, it was a complicated legalese document. I just originated what I thought was an interesting post. Next time I'll try to pull information from Wikipedia like you did. Perhaps you could find it in your perfection to allow me a little righteous indignation. sheesh..



Please use your "righteous indignation" at a time when you get truly snookered. Righteous indignation assumes that you have a right to be mad about something that was done to you without your knowledge when in this case you actually did it to yourself and your looking for someone else to blame. It chafes me when people complain about something being too complicated to read then they go ahead and sign it and later think they have the right to complain about what they agreed to without reading.
blrman07
 
Hand Fed Coal Boiler: Bucket a Day
Hand Fed Coal Stove: installing a VC 2310
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Re: Bank

PostBy: rberq On: Fri Aug 17, 2012 8:37 am

SMITTY wrote:WTF right does the state have to ANY bank account???

The state is seizing it from the bank, not from you. It sort of protects you, because the state will give it back to you. It prevents the bank from making your account "disappear" if you forget about it, or you die and it takes awhile for your heirs to catch on, etc. The sneaky thing the banks have started doing, however, is charging dormant-account fees monthly, as a way to disappear the money before the state takes it over. Maybe that's why NJ has such a short dormancy period, three years. When I worked for banks in Maine, the period was twenty years.

SMITTY wrote:My one foray into a big bank in AZ didn't go so well. :lol:

Well, come on! When you use a Jimmy for a getaway car, what do you expect? :P
rberq
 
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Re: Bank

PostBy: I'm On Fire On: Mon Jan 07, 2013 7:59 pm

I've never had that problem. My account is always in the red.
I'm On Fire
 
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