State of Indiana stoops to new low...

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  • Mongo59

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    I have bank stock that has been in the family for 4 generations now. I have it signed over to go to my kids upon my death with the dividends re-invested for growth in the number of shares.

    I received a letter in the mail telling me my account was in jeopardy of being taken over by the state.

    It seems the state of Indiana no longer recognizes the mailing of statements as proof of an active account and they want to seize any assets not deemed "active".

    This is an account that has quarterly dividends with issue of statements and list of stock growth and it would seem the state wants me to be more proactive than every 3 months.

    So it would seem that any grandparents that have an account stuck away for kids or grand kids will need an active social media account set up or frequent recorded phone calls with the investment firms to keep the state from stealing the future you had intended to leave to your children.

    Thanks Indiana, I will sleep better tonight knowing you are actively grave robbing the whole damn state's future...
     

    Expat

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    Well after they lost some of their asset seizure ability, they have go find replacement funds somewhere.
     

    Expat

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    I had an old checking account at Fifth Third that I never used. I never used it for a couple years, but it wasn't costing me anything so I was content to let it sit. The state took it and sent me a claim form if I wanted my money back. I assume the banks have to notify the state of inactive accounts.
     

    4sarge

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    Mar 19, 2008
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    I had an old checking account at Fifth Third that I never used. I never used it for a couple years, but it wasn't costing me anything so I was content to let it sit. The state took it and sent me a claim form if I wanted my money back. I assume the banks have to notify the state of inactive accounts.

    YOU, being a HARD WORKING PATRIOT, GAVE the $$'s to the STATE for the COMMON GOOD - Right ;)
     

    Mongo59

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    Are you sure that was a real letter? Was it from the state? How would the state even know you had that account?

    Real letter but not from the state, from the management company that holds the stock. If they hadn't notified me I would have gotten a letter from the state like Expat.

    So any accounts set up as TOD (time of death) that people feel will be secure will be taken and it will be your kids or grand kids job to try and get it back.

    After all, if you don't need it for day to day living, you just don't need it, right?
     

    rvb

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    Jan 14, 2009
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    This is common in most if not all states. I think times vary ... 3 years, 5 years....

    It's important to make sure any accounts have correct contact info on file so they can contact you about any "inactive" accounts (and them mailing you a statement doesn't make it active, YOU have to be active).

    so you need to do something w/ the account to keep it active. I understand even calling the institution, say Jan 1 every year and telling them, yup, it's still active, may restart the clock, or the bank may require a signed form, etc. Depends on the institution. If it's a bank account, set up a small direct deposit to keep it active. Or go on-line and log-in to the account is sometimes all it takes.

    If it goes to the state, it's still your money, just a hassle to get it back (and you're probably not earning any returns you'd normally make).

    It's possible banks may consider accounts dormant before the state does and start applying fees...

    I don't understand what you meant about social media accounts?

    A coworker warned me of this many years when it came up that I still had a bank account in another state from another job. He cautioned me about inactive accounts, so I set up a small direct deposit to keep it active. Occasionally log in and move a few bucks around between accounts w/in that account.. stir the pot so to speak...

    -rvb
     

    ATOMonkey

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    I always check the unclaimed database to see if a rich uncle or something left me any cash, but so far no one in my family has ever shown up on the rolls....
     

    Mongo59

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    This is common in most if not all states. I think times vary ... 3 years, 5 years....

    It's important to make sure any accounts have correct contact info on file so they can contact you about any "inactive" accounts (and them mailing you a statement doesn't make it active, YOU have to be active).

    so you need to do something w/ the account to keep it active. I understand even calling the institution, say Jan 1 every year and telling them, yup, it's still active, may restart the clock, or the bank may require a signed form, etc. Depends on the institution. If it's a bank account, set up a small direct deposit to keep it active. Or go on-line and log-in to the account is sometimes all it takes.

    If it goes to the state, it's still your money, just a hassle to get it back (and you're probably not earning any returns you'd normally make).

    It's possible banks may consider accounts dormant before the state does and start applying fees...

    I don't understand what you meant about social media accounts?

    A coworker warned me of this many years when it came up that I still had a bank account in another state from another job. He cautioned me about inactive accounts, so I set up a small direct deposit to keep it active. Occasionally log in and move a few bucks around between accounts w/in that account.. stir the pot so to speak...

    -rvb

    I would guess a time marked email of chat would serve just as well as a recorded phone call...
     

    ATOMonkey

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    Sounds more like banks or investment companies wanting to offload inactive accounts and asking the state to hold the money.
     

    Mongo59

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    January 1st is turning into a drag!

    Lets see, change the batteries in the smoke detectors, call all the people who manage my money/investments, trip all the breakers in the breaker box...

    Hell, it will never end!

    And here I thought from the phone calls I receive is all I have to worry about my credit rating, my cars warranty, my medicare coverage and grand kids in jail...
     

    Mongo59

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    If I bury it all in a peanut butter jar in the back yard do I have to leave a dated note to prove I had been there each time?
     

    printcraft

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    They (Fed/Local) have outgrown their intended purpose and now exist only to rape and pillage.

    Prove me wrong.

    tenor.gif




    They contribute nothing. It’s a grand scale pyramid scheme.
     

    Alamo

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    I don't know the rules for taking over a dormant account, but the State holds the money for a looonnnnnng time. I'm amazed how much time can go by and you still get it back.

    My brother moved to Colorado from Indiana in the 1970s, lived there the rest of his life, and died in 2000. Just a couple years ago someone notified me there were funds in his name available from the State of Indiana. (There is a guy in Indiana whose hobby is reviewing the State escheated funds list and tracking down and notifying relatives. Really). My sister is still in Indiana so I turned over all the info to her and she was able to obtain the funds, even tho apparently they were from the 1960s? 70s at the latest. It wasn't a lot of money, but worth doing a bit of paperwork for.

    When I PCS'd from Oklahoma to Germany in 1986, I opened a banking account with USAA and transferred all my funds -- I thought -- from Tinker Federal Credit Union. Turns out I never really closed the account, I still had about $7K or $8K there in a savings account, dunno how I missed that. A year or two ago I got a letter from...the State of Texas IIRC, telling me I had funds in Oklahoma! Not sure how Texas found out, but maybe the states trade info to track down beneficiaries? It only took a minor amount of work on my part to recover it. Felt like I won the lottery. Ok not grand prize, but still.

    So while there are many things to **** on the State governments about, I'm thinking escheated funds are probably not one of them.
     
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