Dormant bank accounts?
I have a friend that had over $200 in a savings account. After a little over 6 months he hadnt been able to deposit any more in there. The bank closed his account and took the money and told him there was a federal law that said if the account isnt used in six months the government can confiscate the money.
The account minium balance was $25 (he had $215 and some odd cents in there) and it was earning interest. Anyone know if this is true? If so is there some documentation about it on the net?
Just to cairlify they arent saying its bank policy they are saying its FEDRAL LAW.
The money is not confiscated.
It is a Stte matter, not a Federal one.
There is a state department that collects money from such accoutns (6 months seems quick to me), and they will give it back when the account holder asks for it. They don’t tax it or spend it or anything.
Surely the manager of any bank branch in america can explain this, and evn put it in writing, since your friend either misunderstood or left without asking all the questions he needed answered.
Then get in touch with the right agency and voila!
Youth Savings Accounts – Panel 2 and Ending