Tuesday, July 6, 2010

Tapped out

I could tell you within the rage of $100.00 how much money I have in my bank account. However I still cruised the list printed in the SP in the article on dormant accounts hoping beyond hope that I would see my name, or that of a long lost relative, with gazillions of dollars beckoning to me.

I was taken aback by the number of dormant accounts, and size of deposits, reported. How could anyone forget they had substantial money on deposit in a bank. On death the lawyers for an estate send out a letter to the banks requesting a search of records for assets of the deceased. Apparently the response is not accurate. This will be a bit of a nightmare for estates that have long since closed and filed taxes based on information at the time.

The banks say they need printed proof of ownership. Yet they quit sending statements on many accounts since the advent of online banking. The banks of course have use of this money and pay very little, if any, interest on the deposits. What a great scam.

Its time to start hiding money in your mattress. Your heirs have a better chance of finding it there than in a bank.

1 comment:

  1. Unless they toss the mattress. http://www.huffingtonpost.com/2009/06/10/mattress-with-1-million-a_n_213591.html


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