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Woman's Money "Disappeared" From Savings Account

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Woman's Money "Disappeared" From Savings Account

Not cool. At all...

https://www.news10.com/news/national/91-year-old-woman-s-savings-disappeared-because-she-didn-t-use-...
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Message 1 of 10
9 REPLIES 9
Frequent Contributor

Re: Woman's Money "Disappeared" From Savings Account

Funny how that works... Oh, um, we did have it after all but just sent it to the state..... 






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Message 2 of 10
Regular Contributor

Re: Woman's Money "Disappeared" From Savings Account

So bizarre. They couldn't have contacted the account holder in the months or weeks before the account went dormant to ask her to perform some action, so her money wouldn't be seized??? Ugh.  

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Message 3 of 10
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Community Leader
Super Contributor

Re: Woman's Money "Disappeared" From Savings Account

wow, thats scary. I guess even doing one small deposit a year like $5 to keep it active just a CC we have to start doing now. crazy!

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Message 4 of 10
Valued Contributor

Re: Woman's Money "Disappeared" From Savings Account

In which case all could have been avoided with a simple $25 auto transfer from checking every month. 

However, wouldn't they first be obliged to send some type of correspondence to the actual account holder? Instead of assuming a person just abandoned $75K.






Message 5 of 10
Established Contributor

Re: Woman's Money "Disappeared" From Savings Account

I have had an inactive account warning with CapitalOne for months (ooold savings account).
I'm thinking it wise to make a withdrawal or deposit.
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Message 6 of 10
Moderator Emeritus

Re: Woman's Money "Disappeared" From Savings Account

Moral to the story, banks are not our friends! They are in business to make money. Maybe our grand parents weren't wrong in stashing the funds in a mattress (just don't smoke in bed). Smiley Frustrated

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Message 7 of 10
Frequent Contributor

Re: Woman's Money "Disappeared" From Savings Account


@Dinosaur wrote:

Moral to the story, banks are not our friends! They are in business to make money. Maybe our grand parents weren't wrong in stashing the funds in a mattress (just don't smoke in bed). Smiley Frustrated


 

If the average person had even a modest amount of financial education, most banks would probably go out of business in favor of credit unions.  With the internet and cooperative alliances of CUs, there is really no advantage to banks.



Message 8 of 10
Established Contributor

Re: Woman's Money "Disappeared" From Savings Account

according to some website I've just read,  even just loggin into the account online is enough activity to stop the "dormant" label. Mint auto logs into your accounts every X amount of time.

 

So, use mint (or similar), and never have a dormant account.

Message 9 of 10
Established Contributor

Re: Woman's Money "Disappeared" From Savings Account

@knee
Some elderly may not be that tech savvy and also may just assume that because it's their money they can choose how often they feel the need to touch it
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