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  1. #1
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    State of Indiana stoops to new low...

    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...
    I'd give my right arm to be ambidextrous...

  2. #2
    Grandmaster Expat's Avatar

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

  3. #3
    Grandmaster ATOMonkey's Avatar

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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?

  4. #4
    Grandmaster Expat's Avatar

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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.

  5. #5
    Grandmaster 4sarge's Avatar

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    Quote Originally Posted by Expat View Post
    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
    Freedom is defined by the character of those who defend it

  6. #6
    I still care....Really
    churchmouse's Avatar

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

    Prove me wrong.
    AKA..Thor. Odin son. God of thunder.
    But you can call me John.....Force.

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  7. #7
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    Quote Originally Posted by ATOMonkey View Post
    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?
    I'd give my right arm to be ambidextrous...

  8. #8
    rvb
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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
    Ryan V. B. TY56060 Come shoot USPSA w Ft Wayne Area Practical Shooters: www.facebook.com/fwuspsa

  9. #9
    Grandmaster ATOMonkey's Avatar

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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....

  10. #10
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    Quote Originally Posted by rvb View Post
    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...
    I'd give my right arm to be ambidextrous...

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