I look on this as a sign of desperation:
That column, which appeared on Sept. 24, 2015, explained that it had become easier for states to confiscate people’s bank, money market and other financial accounts because they were “abandoned.”
So-called escheatment laws have been on the books forever. But states have been changing the rules so that it has become simpler for them to consider an account dormant — and then take it over.
It’s a great scam for states that are desperate for money.
I wrote that 2015 column at the urging of the Investment Company Institute, which represents mutual funds and other financial institutions. The ICI was rightly concerned because these days an account could be considered abandoned even if the owner regularly got paperwork from the financial institution.
In today’s world, the owner has to take an active participation in the account — deposit or withdraw money, make an inquiry, etc. — in order to avoid this fate, ICI told me.
“No, no, no,” a lot of readers wrote to me. That couldn’t be true. The ICI and I must be wrong.
Well, here’s a personal story that will convince you and probably make you run to your bank today.
In 1999, my mother, Margaret Crudele, did a very nice thing. She opened a bank account at Staten Island Savings Bank for each of her eight grandchildren. She deposited $1,000 in each account, and she wanted the kids to get the money after she died.
Long story short, the bank changed hands a few times, somewhere along the line the accounts were taken by the state and no info on them was passed to the new banks, and now the newest bank had no record there ever even were accounts.
The thing to note is, this is desperation now, when things are still rosy and flooded with resources. It makes me think the trigger-point may be closer than we are aware. It makes me wonder what will they be like when the choice is steal everything in sight and reapportion it to gather good will, or accept utter ruination when the system collapses on their watch.
A good metric of how close we are may be subtle measures of the elite’s panic, mixed with subtle reductions in how much we give overseas. I almost wonder if African mortality due to disease will be a great metric of how close we are. Bottom line is, we are probably all that stands between today’s normalcy, and a 95% reduction in the African population. A small reduction in our aid to try and prop up our own system could have an immense effect in places like that.
Spread r/K Theory, because money in the bank is not money in the bank in these days
in Connecticut at least I was told by a bank manager that it takes just one year for a checking account to be considered abandoned. Connecticut’s single largest expenditure is state pensions and benefits and the state is ravenous for cash.
Illinois must have just changed the law. I made the mistake of not changing a money market to a savings. At one point, they had wanted to close the account and give me the money. I went in and told them to keep it open, then made a deposit. When I moved out of Illinois for a less rabbity corrupt state, I pulled the money. The bank told me it had been on the verge of being considered abandoned. Now I’m afraid to open accounts for the kids, not for just that reason, but because they need their ss numbers and could have them open for identity theft.
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Africans will not be staying in their countries waiting to die but will do anything to survive by invading every wealthy country they can find to get food.