My grandparents had a checking account with around $2100 in it. They never used it, they just let the money sit there. They are in their late 80's and 90's. Apparently the bank sent them something saying they needed to do something with this account. They did nothing, and we've just found out the bank gave the whole amount to the state. Can they really do that?
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Not only was the bank's action legal, it was required by law. States have Abandoned Property statutes that require that funds in accounts that have not be active or acknowledged by their owners for stated periods of time must be surrendered to the state.
All is not lost, however. Your grandparents can reclaim their money by contacting the custodian for abandoned accounts in either their state or the state where the bank is located. You can help them research the process here.
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Not only was the bank's action legal, it was required by law. States have Abandoned Property statutes that require that funds in accounts that have not be active or acknowledged by their owners for stated periods of time must be surrendered to the state.