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 Replies: 17 / Views: 5,909 |
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Pillar of the Community
United States
2589 Posts |
Apparently chase bank owns a $10,000 that it received for face value after its owner died and the safe deposit box contents were deposited for face value by the heir. How crazy is that?!?!?! I've heard of thousands and five hundreds being cashed in for face (though extremely rarely). But the ten-thousands were rare even in the 1950's. Pure madness http://www.msnbc.msn.com/id/1174452....TzxgUYHzOSo |
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Pillar of the Community
United States
7840 Posts |
 ncredible in so many ways; foolish, stupid, ignorant, ludacris, etc... Edited by oih82w8
02/15/2012 9:09 pm
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Valued Member
United States
223 Posts |
Are there any stats on how many of these bad boys may have been printed?
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Pillar of the Community
United States
2424 Posts |
my chase bank had something similar happen last year!
apparently a guy did not pay to upkeep his safe deposit box and the contents went to the banks. apparently, lots of gold eagles, silver etc. crazy! I asked what happened to it and they said it goes back to the fed? or their corp offices? not sure.. but it does not go back into circulation....
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Valued Member
United States
97 Posts |
If I recall, isn't Grover Cleveland on the $10K note? Saw one on a high school trip the the NY fed in 1968 and seem to remember it. Didn't google so not to cheat. Will do so afyer I post.
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Valued Member
United States
97 Posts |
Just checked. Whoops. Salmon Chase. Early onset, I guess.
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Pillar of the Community
United States
7840 Posts |
Clevland was on the $1000.
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Valued Member
United States
64 Posts |
Quote:
"my chase bank had something similar happen last year!
apparently a guy did not pay to upkeep his safe deposit box and the contents went to the banks. apparently, lots of gold eagles, silver etc. crazy! I asked what happened to it and they said it goes back to the fed? or their corp offices? not sure.. but it does not go back into circulation...." All states have an unclaimed property division. This property is not kept by the bank, it is turned over to the state. It is the duty of the state to find the rightful owner and return the property to them. Sometimes the state auctions the property, but holds the proceeds in trust until it can be returned. |
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Rest in Peace
United States
3039 Posts |
There was a post on this forum a year or two ago about a bank teller that accepted $20 gold double eagles at face for a deposit from an elderly customer. I believe the teller was either fired or reprimanded for his failure to disclose their value to the customer. I'm sure they're not obligated to do so but its good pr for the bank if they do.
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Bedrock of the Community
United States
14454 Posts |
Quote:
All states have an unclaimed property division. This property is not kept by the bank, it is turned over to the state. It is the duty of the state to find the rightful owner and return the property to them. Sometimes the state auctions the property, but holds the proceeds in trust until it can be returned.
I do not think this applies in either of these cases, this is just like the shows you see on all the cable channels where people buy storage rooms full of stuff, you are renting the space and if you do not pay it is the owners of the space you are renting. The case where the heir cashed them in it wasn't unclaimed either, it was claimed by the heirs and cashed in for face value. Both circumstances do not apply to what was said above. I do believe the banks have to try and find a heir or a rightful owner for a specific amount of time (unlike the storage buildings) but if they can not find them then the contents are theirs to do what they wish with |
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Pillar of the Community
United States
5611 Posts |
The teller, according to the article, was fired, the manager, once he found out contacted the elderly woman and returned the gold coins.......
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Pillar of the Community
 United States
2589 Posts |
I used to work for a bank, if the rental fees are not paid for a certain period of time the safe deposit box is opened and the contents given to the state unclaimed property division due to escheatment laws (the same thing happens with bank accounts that have no activity after a period of years). Valuable escheated items are sold at auction and an account is opened with the state unclaimed property division with the proceeds. The heir or owner can then claim the contents of the account if they can prove it is lawfully theirs. The state wins because they essentially get a free loan from the proper owner of the safe deposit box, and the bank wins because they can then rent out the safe deposit box for a paying customer.
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Pillar of the Community
United States
2295 Posts |
I can't believe the customer would exchange it for just $10,000. Any dealer would give way more than face value for that note!
Why did it take 20 years for the bank to do something about it? Who was paying for the safety deposit box all those years? Very bizarre for sure!
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Valued Member
United States
256 Posts |
I may be mistaken but doesn't the bill go back to the Fed then......it get's destroyed!?
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Pillar of the Community
United States
2589 Posts |
In theory any notes over $100 deposited at banks are supposed to be sent to the fed for destruction, but they practically never get sent there because most tellers/managers know they hold high premiums.
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Pillar of the Community
United States
742 Posts |
I don't know why MSNBC dredged this story up now but it is actually 6 years old.
The owner of the note died 20 years prior (26 years now). At that time, the heirs opened the box found the high denomination notes and gave them to the bank as a deposit to the estate's account. The bank kept the notes. Chase acquired the bank sometime later. In 2005 or so, Chase asked all its banks to send their collections of unusual notes to New York. That is how the note ended up there and that is when the story broke.
At one time Chase had one of the finenst numismatic collections in the country. It was broken up and sold sometime in the 1970-80s.
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Replies: 17 / Views: 5,909 |
Posted 02/15/2012 10:00 pm
