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Dormant Bank Account

select-fire
Closed a business account at a bank this last June. Well not exactly. They have sent 6 letters at the current postage rate plus now a dormant letter stating it will go to the state if there is no activity in a few days. All over .51 cents. [:)]
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Comments

21 comments

Date Votes
  • remingtonoaks
    And if they didn't do that they would get in trouble with the federal government and lose the Federal insurance all over a couple of stamps...
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  • select-fire
    Letter says I will be charged a dormant monthly fee if the account is not reactivated and after 5 yrs it goes to the state.
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  • shootuadeal
    quote:Originally posted by select-fire
    Letter says I will be charged a dormant monthly fee if the account is not reactivated and after 5 yrs it goes to the state.


    Usually if an account is dormant for a year and has less than $200 in it they start charging a $5 fee per month until it is gone.
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  • Bubba Jr.
    Simple answer, go get your .51 cents. [:D]
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  • remingtonoaks
    quote:Originally posted by select-fire
    Letter says I will be charged a dormant monthly fee if the account is not reactivated and after 5 yrs it goes to the state.


    I wonder how much the fee is going to be per month... Times that by 60 months, you could be owing the bank a big chunk of change. Looks like they may make out like a bandit on those few stamps and letters they sent you by the time they collect all those fees from you or your estate[;)] [:o)]
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  • reload999
    Just curious...Why did you leave 51 cents in an account you apparently no longer want or need?
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  • select-fire
    quote:Originally posted by reload999
    Just curious...Why did you leave 51 cents in an account you apparently no longer want or need?


    I told them to close the account. They sent a statements saying I have .51 cents left. This all started when they started calling me about my business debit card. Every friggin transaction..whether gas at the pump or a utility bill. Then when I bought my bass boat I stopped to fill up..they had put a hold on the card over a previous transaction. Screw that.. I went in and closed our joint and business account.
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  • Junkballer
    quote:Originally posted by us55840
    Yup ...... required by the Federal Banking regulations.

    Unclaimed funds go to the state 'unclaimed fund account' and are held . People can contact the state 'unclaimed funds' department, and claim funds that may be held under their name. That includes funds for a deceased person IF you are the named executor of their estate.


    Went through this a few years back and unless there's thousands involved it's not worth all of the BS involved [:(!]
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  • spasmcreek
    NEVER TRUST A BANK
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  • spasmcreek
    most people do NOT realize that when you deposit MONEY in a bank you are legally giving them an unsecured loan...they are in control and if they screw up on bad deals you are at the bottom of the list behind other secured creditors to try and get YOUR money back......generally time they get to your name these is NO money...FDIC you say...wellll.. the FDIC can only actually cover a SMALL percentage of the amount of money that is SUPPOSED to be insured by them....and the big boys will get that first before you
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  • select-fire
    quote:Originally posted by spasmcreek
    most people do NOT realize that when you deposit MONEY in a bank you are legally giving them an unsecured loan...they are in control and if they screw up on bad deals you are at the bottom of the list behind other secured creditors to try and get YOUR money back......generally time they get to your name these is NO money...FDIC you say...wellll.. the FDIC can only actually cover a SMALL percentage of the amount of money that is SUPPOSED to be insured by them....and the big boys will get that first before you


    +1.. it is no longer your money when you give it to them. If the bank defaults you could be up the river with no paddles. FDIC cannot guarantee the Govt. will be open tomorrow.
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  • spasmcreek
    when i first started farming i borrowed $1800 to buy my first tractor ...next two years had May late freezes that zapped the wheat..i could pay the interest but not the principal and the bank prez was nasty about it...so i went to bank #2 and borrowed the money and paid bank #1 off in full..BUT...stupid me left several hundred dollars there as a slush fund if i needed it ..about 10 years later i recieved a check for $2.50 as that was the last of my money after they deducted $5 a month without ever telling me...FK them ..i never cashed it and they had to write it off in a year...i still have that check almost 40 years later on my bulletin board.....never FORGOT that lesson about bankers after that i have paid every loan off BEFORE or ON time and about 15 years ago carry ZERO NO NADA NONE debt now
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  • Junkballer
    quote:Originally posted by us55840
    quote:Originally posted by Junkballer
    quote:Originally posted by us55840
    Yup ...... required by the Federal Banking regulations.

    Unclaimed funds go to the state 'unclaimed fund account' and are held . People can contact the state 'unclaimed funds' department, and claim funds that may be held under their name. That includes funds for a deceased person IF you are the named executor of their estate.


    Went through this a few years back and unless there's thousands involved it's not worth all of the BS involved [:(!]



    I did it to settle up on an estate where I was executor. Pretty simple, made an inquiry and discovered some unclaimed funds were being held.

    Simply provided a copy of the will where I was named executor and a check was received in about 10 days.

    Easy peasy.

    [8D]
    Apparently the laws vary state to state, the amount of paperwork and demands thrust at me was so ridiculous I left it alone as a contribution to the states general fund, which I think was their main goal. [;)]
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  • papernicker
    My wonderful State let one bank steal $50 or so and another the same but they refunded some.
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  • grdad45
    I left $25 in a bank that screwed me over, then wrote a $5 check every 6 months, leaving about $3.50 in the account for over a year. I got a statement every month. They finally sent me a bank check for less than $3. Still have that check 45 years later. Probably didn't hurt them, but made me feel better.
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  • kannoneer
    One of the banks I have a checking account in started charging a $5 monthly maintenance fee. I used to have two checking accounts there but I closed one and moved it to a bank that doesn't charge. I would have taken both out but the teller is a family friend.
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  • SW0320
    quote:Originally posted by us55840
    Originally posted by select-fire
    Letter says I will be charged a dormant monthly fee if the account is not reactivated and after 5 yrs it goes to the state.


    Gotta hand it to the bankers, they have learned how to charge you for having your money/an account in their bank.

    [}:)]


    Try being a business account. They charge us for everything including depositing cash.
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  • Brookwood
    IMHO, Banks are just one of the many necessary evils we all have to put up with living in these modern times.[V]

    I do not know this first hand, but have been told that Credit Unions are "Better" than Banks.[:I]

    I remember leaving an account open, with a few bucks in it at Sheppard Airforce Base Federal Credit Union back in 1974.[:0]

    I left that place never to return back then and have never heard from them either ever since.

    Hmmmmmm, wonder if I now could be a mogul from all of that interest compounding 45 years![:p]
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  • jwb267
    I had a business account at our local M&T bank since 2004.last year I noticed on my statement a $10 fee. I questioned them and was told that is the price for doing business with them
    needless to say when I walked out my business account was closed.
    I now have it with first peoples credit union with no fees as long as I keep $50 in the account
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  • Brookwood
    quote:Originally posted by jwb267
    I had a business account at our local M&T bank since 2004.last year I noticed on my statement a $10 fee. I questioned them and was told that is the price for doing business with them
    needless to say when I walked out my business account was closed.
    I now have it with first peoples credit union with no fees as long as I keep $50 in the account


    I had the same type of meeting with my local bank a few years ago. After having an account for more than 30 years (and several bank name changes) they were going to start charging me 25 dollar per month "maintenance fees". [:(!]

    I was about 2\3's into the account closing proceedures when the pretty bank lady noticed a portion of my Veterans ID card sticking out of my open wallet while I was digging out my drivers licence.

    She then asked if I was a military veteran and verifying my card informed me that all basic account services were FREE for Vets![:)]
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  • spasmcreek
    just went to one my current bank and set up some cd's on a short term renewal to be handy for changing rates..one needs to find out the FEES for early withdrawal...i asked about this if something unexpected comes up and i need the money...they said they charge 1 (one) percent of the amount of the cd for early out....well thats a windfall for them on your money problem...SO i set up several under the FDIC joke of a coverage limit and NO more than a one year term for flex...
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