Has your bank account ever become "abandoned property"

[John 070]

Wow, in such a case, suddenly the 2nd largest bank in the country becomes 45 min on the phone listening to musak, and a series of 4 phone transfers.

All legal.

[Biorin]

Abandoned and unclaimed property, yup, good times. Your brokerage account can be "abandoned" after 5 years as well, in addition to gift cards, outstanding checks, etc, and the state will claim it until you attempt to show otherwise. Lovely.

[UncleWede]

Just got and cashed a few weeks ago my check from insurance for a crash in about 2009 . . . freaking dogs said it would only cost $280 to repair/repaint my rear quarter panel.

[Biorin]

Originally Posted by John 070

Wow, in such a case, suddenly the 2nd largest bank in the country becomes 45 min on the phone listening to musak, and a series of 4 phone transfers.

All legal.

How long did you not touch the account for, and... Why?

[ASBSECU E93]

Originally Posted by John 070

Wow, in such a case, suddenly the 2nd largest bank in the country becomes 45 min on the phone listening to musak, and a series of 4 phone transfers.

All legal.

The days of parking $$ in Financial institutions to sit dormant is over...

Most banks make $$ via transactions (Intechange on credit/Debit, NSF, overdraft, etc) and actually have to pay for deposits.

When someone parks funds and doesn't access the account - banks have the right to seize accounts considered dormant, and in certain instances (death) can escheat accounts and even Safe Deposit Boxes...

[tony20009]

In a word, no.

All the best.

[TXSTYLE]

Big Banks suck major stank ass! They really could give a insects shit about YOU or your deposits. Unless you are keeping shit loads of $$$$ in there earning interest for them or utilizing the many sales and investment traps, I mean tools they offer every time you happen to come into a local shit hole, I mean Branch.
It's a "necessary evil" though, in that I have a couple of Checking and Savings accounts at 2 banks and 1 CU. Gotta pay those Utilities and Cards ya know.

[ASBSECU E93]

Speaking as someone that knows a little something about banks and credit unions....leave your bank as fast as possible and join a Credit Union.

[John 070]

Originally Posted by Biorin

How long did you not touch the account for, and... Why?

I think I did not touch it for 2 years? The reason I got it was that when I earned rebates on the 1% credit card, it added 10% to the rebate.

There was like $130 in the account--I felt like 1 hour of my time really wasn't worth it on hold (at least I put it on speaker and did other stuff), but it was the principle of just saying my money is in limbo and I can't get it online anymore. This was a checking account where you are NOT ALLOWED to go into a branch to discuss. I own a lot of stock in this bank, but what poor service--it's 2015 and we have to get transferred 4X to get to the right dept.? That is so 1999.

p.s. now I see the account is restored to online--I'm hoping to close it by email, not phone....

[John 070]

Originally Posted by ASBSECU E93

Speaking as someone that knows a little something about banks and credit unions....leave your bank as fast as possible and join a Credit Union.

Yes, I belong to the largest CU in the country, and I think the 2nd largest. (#2 gives us a 5% gas card which is nice, #1 the typical 1.5% rebate, both have good car loan rates)

Last year, #1 offered a 5% CD, with max 5k deposit, so both my wife and I did that. They matured, and now they're not offering it anymore--they offer 3% but with max 3k and direct deposit blah blah blah so didn't do it.

Now, ALLY is introducing a tier system next month...banking is going downhill!

[wdb]

Originally Posted by ASBSECU E93

Speaking as someone that knows a little something about banks and credit unions....leave your bank as fast as possible and join a Credit Union.

Preferably a small local one, that actually does things such as make loans to small businesses local to you, IOW actually deserves to have "trust" in its name unlike the megabanks.

[John 070]

Originally Posted by wdb

Preferably a small local one, that actually does things such as make loans to small businesses local to you, IOW actually deserves to have "trust" in its name unlike the megabanks.

I have stopped by a branch of #1, not #2. They are extremely helpful/friendly as if you are a valued member.

Those who believe that it's not a level playing field and that CU's have unfair advantages, they are correct. But as a consumer, do you want to pay a higher interest rate on a loan? Get less rewards on a credit card? Be treated like your business is not valued? Of course not.

Name one financial institution who offered 5% APY on a 1 yr. CD in 2014. I think there is only 1, the largest CU in the country. But they did limit it to a $5000 deposit, or they would have seen five to six figures flow in from us.

btw I was able to chat and request my account to be closed and a check mailed. I didn't want to waste time and ACH it, then start all over again to close. I can wait 7-10 days for $130.....

[kprocivic]

The only time I really see this are for very rich people are decedent reasons. I do remember someone who forgot they had 200k in our bank and those funds were almost escheated.

[ASBSECU E93]

The largest CU in the nation is Navy Federal, followed by SECU.

The link below can assist with finding CU's by state, then the data can be filter sorted by assets size, location, etc...

Just for clarity - ALL CU's should be member first rather than profit first, regardless of size.

http://www.creditunionsdirectory.com/

[MrPrena]

Originally Posted by ASBSECU E93

The largest CU in the nation is Navy Federal, followed by SECU.

The link below can assist with finding CU's by state, then the data can be filter sorted by assets size, location, etc...

Just for clarity - ALL CU's should be member first rather than profit first, regardless of size.

http://www.creditunionsdirectory.com/

How big is CU CU?

[ASBSECU E93]

Originally Posted by MrPrena

How big is CU CU?

133 Millon total assets.

[MrPrena]

Originally Posted by ASBSECU E93

133 Millon total assets.

Those damn students better start saving $, instead buying special brownies!

[1MOREMOD]

Anyone who wants to abandon their account feel free to add me to account.

[ASBSECU E93]

New marketing campaign = Chillax at CU dude

[1MOREMOD]

I'm starting to think a wall safe or under the mattress will make me more money than the market.

[ASBSECU E93]

1MOREMOD - It's all about timing and investment time horizon my friend...

MrPrena - and a little luck never hurts

[1MOREMOD]

So I need money in my mattress to time things or its just in the market getting taken from me. Like now. I would be better off buying cars and hookers and enjoying myself.