View Poll Results: Should governments be allowed to steal money from "idle" bank accounts?

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Thread: Should governments be allowed to steal money from "idle" bank accounts?

  1. #11
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by radcen View Post
    Maggie: Why the government? They've done zero with it up to this point, why should they get it?
    "They" is "we." The question is, "Why should we get it?"

    Let's look at a couple of places where we have these so-called abandoned funds:

    Insurance companies: Unclaimed death benefits, supposedly being unable to find an annuity recipient, premium refunds, etc. The insurance companies were paid to provide a service or benefit. Letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.

    Private enterprise: stock dividends, stock splits, brokerage funds, stock holdings, etc. Again, letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.

    Banks and other financial institutions: bank accounts and safe deposit boxes. Same reasoning.

    By requiring entities to turn over unclaimed funds to "us," it assures that "we" can access government data bases to find these people: the Social Security Administration, the Medicaid data base, state unemployment records, the U.S. postal service, etc., etc. It allows the state (us) to create one database for all of these unclaimed funds which can then be searched by individuals -- for their OWN unclaimed assets and assets left unclaimed by a dead relative.

    Illinois has an easily searchable database: https://icash.illinois.gov/

    I search it every year. It's fairly well publicized. Tom has gotten back over $600 from the State of Illinois on two or three separate claims. His family has been able to claim assets they were unaware of that their mother had before she died. I search for myself and just about everyone I know once a year. When I was a Realtor, I helped people claim, probably, close to $5,000 from the state, informed my clients of the database existence, had my dinner bought by grateful clients, etc. (Great PR.)

    IMO, after five years in the state's control, that money should revert to the state's general fund. To "us."

    Here's what you get when you search:
    .
    Property# Name Co Owner Address City State Zip Amount
    99915066580 SMITH GEORGE JOHN WROBLEWSKI NEOMI 10300 TRIPP OAK LAWN IL 60453-4852 Unknown
    Description: SC12 - Underlying Shares
    Reported By: TERADATA CORPORATION


    Just for disclaimer purposes, this is not me; and it is public record.
    Last edited by MaggieD; 06-20-14 at 09:54 AM.

  2. #12
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by radcen View Post
    As I understand it, it costs money to maintain idle accounts.
    As I understand it, idle funds provide the reserves for banks to loan money, which doesn't cost but makes them money.
    Haymarket's "support" of the 2nd Amendment, a right he believes we never had.
    Quote Originally Posted by haymarket View Post
    no. You cannot lose rights you do not have in the first place. There is no such thing as the right to have any weapon of your choice regardless of any other consideration. It simply does not exist.

  3. #13
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by voyager1 View Post
    and it appears they are settling the claims.
    No settlement can match this woman's loss of family heirlooms:
    "Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.

    "These things were things that she gave to me," Ruff said. "I valued them because I loved her."

    Bank of America told ABC News it deeply regrets the situation and appreciates the difficulty of what Mrs. Ruff was going through. The bank has reached a settlement with Ruff and continues to update its unclaimed property procedures as laws change."
    They're not just taking so called "idle accounts" but also things people have kept in safety deposit boxes for safe storage. Note: This was in San Francisco.

    Quote Originally Posted by voyager1 View Post
    I don't live in either country and really don't care about what they do.
    How heartless...

    Quote Originally Posted by MaggieD View Post
    "They" is "we." The question is, "Why should we get it?"
    Because some old ladies heirlooms are HERS they DON'T BELONG TO US.
    Haymarket's "support" of the 2nd Amendment, a right he believes we never had.
    Quote Originally Posted by haymarket View Post
    no. You cannot lose rights you do not have in the first place. There is no such thing as the right to have any weapon of your choice regardless of any other consideration. It simply does not exist.

  4. #14
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by Lachean View Post
    As I understand it, idle funds provide the reserves for banks to loan money, which doesn't cost but makes them money.
    Depends on who at the bank is spinning at the moment.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

  5. #15
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by MaggieD View Post
    "They" is "we." The question is, "Why should we get it?"

    Let's look at a couple of places where we have these so-called abandoned funds:

    Insurance companies: Unclaimed death benefits, supposedly being unable to find an annuity recipient, premium refunds, etc. The insurance companies were paid to provide a service or benefit. Letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.

    Private enterprise: stock dividends, stock splits, brokerage funds, stock holdings, etc. Again, letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.

    Banks and other financial institutions: bank accounts and safe deposit boxes. Same reasoning.

    By requiring entities to turn over unclaimed funds to "us," it assures that "we" can access government data bases to find these people: the Social Security Administration, the Medicaid data base, state unemployment records, the U.S. postal service, etc., etc. It allows the state (us) to create one database for all of these unclaimed funds which can then be searched by individuals -- for their OWN unclaimed assets and assets left unclaimed by a dead relative.

    Illinois has an easily searchable database: https://icash.illinois.gov/

    I search it every year. It's fairly well publicized. Tom has gotten back over $600 from the State of Illinois on two or three separate claims. His family has been able to claim assets they were unaware of that their mother had before she died. I search for myself and just about everyone I know once a year. When I was a Realtor, I helped people claim, probably, close to $5,000 from the state, informed my clients of the database existence, had my dinner bought by grateful clients, etc. (Great PR.)

    IMO, after five years in the state's control, that money should revert to the state's general fund. To "us."

    Here's what you get when you search:
    .
    Property# Name Co Owner Address City State Zip Amount
    99915066580 SMITH GEORGE JOHN WROBLEWSKI NEOMI 10300 TRIPP OAK LAWN IL 60453-4852 Unknown
    Description: SC12 - Underlying Shares
    Reported By: TERADATA CORPORATION


    Just for disclaimer purposes, this is not me; and it is public record.
    Excellent post. Thank you.

    My only quibble, and it's minor, is that I would make it 10 years instead of 5.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

  6. #16
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by Lachean View Post
    Because some old ladies heirlooms are HERS they DON'T BELONG TO US.
    And that is exactly the reason unclaimed property should be turned over to the state. I don't know the particulars. Didn't read the link. But if she failed to pay her safe deposit rental, the bank had no obligation to store her things ad infinitum. And that is why they should be turned into the state for processing and eventual reversion to the state treasury.

  7. #17
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by Lachean View Post
    No settlement can match this woman's loss of family heirlooms:


    They're not just taking so called "idle accounts" but also things people have kept in safety deposit boxes for safe storage. Note: This was in San Francisco.



    How heartless...



    Because some old ladies heirlooms are HERS they DON'T BELONG TO US.

    Why did you take my comments out of context?

  8. #18
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by MaggieD View Post
    And that is exactly the reason unclaimed property should be turned over to the state. I don't know the particulars. Didn't read the link. But if she failed to pay her safe deposit rental, the bank had no obligation to store her things ad infinitum. And that is why they should be turned into the state for processing and eventual reversion to the state treasury.
    Exactly my first thoughts too, was the rent being paid. No different then a storage place selling the contents of a unit who didn't pay.

  9. #19
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by MaggieD View Post
    And that is exactly the reason unclaimed property should be turned over to the state. I don't know the particulars. Didn't read the link. But if she failed to pay her safe deposit rental, the bank had no obligation to store her things ad infinitum. And that is why they should be turned into the state for processing and eventual reversion to the state treasury.
    How is a safe deposit box different from a storage unit? With a storage unit if you don't pay the bill they auction off the contents. There are legal safeguards and procedures, but the state doesn't get the stuff.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

  10. #20
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    Re: Should governments be allowed to steal money from "idle" bank accounts?

    Quote Originally Posted by radcen View Post
    How is a safe deposit box different from a storage unit? With a storage unit if you don't pay the bill they auction off the contents. There are legal safeguards and procedures, but the state doesn't get the stuff.
    *shrug* How do you auction off cash?

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