Thousands of accounts are opened by couples who have grown too old to keep track of their savings, and when one of them pass away,the heir is handicapped by knowing little or nothing by the secrecy in which the Saving company has stached it away. Passwords, Memomrable information,Account Numbers( Company names are likely to have changed names several times since the initial deposit) The Original Phone Numbers would have changed and the people you remember are no longer with the company. Where is the Heir to go ? The company will refuse to discuss anything with you over the phone . Proving your Identity ,after you have got information of a few particulars would require a Claims Solicitor and will be obstructed by the company solicitor . The pay out to settlement will be hefty and stressfull. I suspect many will leave the entitlement to the savings
company ,believing that the end result will be a huge loss. The government should step in now to protect savers from
Company fraud.
Answer by VaTreasures
Even if it takes a while for it to be discovered the account should be generating interest, so it is not a total loss for the heirs. The scenario you mention is why it is a good idea to keep financial information organized and in a place where it can be found.
Answer by SithDar
TOATLLY AGREE!!!!
Answer by NunyaBidNess_PartDeux
Sorry.. but thats bullpuckey...
After an account is abandoned for any period of time, the bank MUST BY LAW turn over the money to your states Dept of Commerce, more specifically to their ESCHEAT dept. Once it hits the Bureau of Escheat, it must stay there, protected by the state, until it is claimed. You can easily search by social security number....
Answer by David M
It can take a good while to get all of the info straight. But keep all of your ducks in a row. Be careful, and very methodical. Ans as answered before, you can search through Social Security Numbers, and that will help a lot.
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Orignal From: The Savings You put away are in danger of staying put-away forever in the Company.?
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