Texas Abandoned Sdb Law - Coin Community Forum

To participate in the forum you must log in or register.

Author	Replies: 7 / Views: 1,771
starbuxinvestor Pillar of the Community United Kingdom 616 Posts	Posted 04/05/2013 12:33 am Section 73.101: Inactive Account or Safe Deposit Box Presumed Abandoned (a) An account or safe deposit box is presumed abandoned if: (1) except as provided by Subsection (c), the account or safe deposit box has been inactive for at least five years as determined under Subsection (b); (2) the location of the depositor of the account or owner of the safe deposit box is unknown to the depository; and (3) the amount of the account or the contents of the box have not been delivered to the comptroller in accordance with Chapter 74. (b) For purposes of Subsection (a)(1): (1) an account becomes inactive beginning on the date of the depositor's last transaction or correspondence concerning the account; and (2) a safe deposit box becomes inactive beginning on the date a rental was due but not paid. (c) If the account is a checking or savings account or is a matured certificate of deposit, the account is presumed abandoned if the account has been inactive for at least three years as determined under Subsection (b)(1). Report this Post to the Staff

Fuzzy317 Moderator United States 14463 Posts	Posted 04/05/2013 12:43 am ok Report this Post to the Staff
basebal21 Bedrock of the Community 13014 Posts	Posted 04/05/2013 01:37 am I believe all states have some sort of law covering this. CA is the most aggressive I believe and got so bad about it the courts had to step in and stop them Report this Post to the Staff
Jenger Valued Member United States 239 Posts	Posted 04/05/2013 07:58 am 3yrs for a bank acct huh? Then what, who gets the funds? The presumed deceased relatives or does the bank go hush hush and pocket the money? Report this Post to the Staff
Fat Freddy Pillar of the Community United States 1200 Posts	Posted 04/05/2013 08:37 am Every state has laws in place governing the disposition of the contents of "abandoned" SDBs and bank accounts. This isn't anything new and the those laws have been in place for many decades. This is the way things have always been. Any SDB user or potential SDB user who isn't already familiar with the laws governing the disposition of "abandoned" SDBs and bank accounts in their state needs to do their homework and research those laws. This has always been ordinary and prudent behavior. None of this is really news or current events. The SDB consideration has always been a clear-cut decision to make -- you either choose to use one or you choose to not use one. Report this Post to the Staff
jeffrose Pillar of the Community United States 1432 Posts	Posted 04/05/2013 09:06 am From the PA Treasury website. Quote: What does the Treasury Department do with unclaimed property? The Treasury Department maintains custody of unclaimed property until it is claimed by the rightful owner. There is no time limit to claim your property. After you prove ownership, your property will be returned to you without charge. How can I prevent my property from becoming unclaimed? Keep accurate records of bank accounts, stocks, safe deposit boxes, life insurance policies and other financial matters. Correspond with all financial institutions holding savings, checking, IRA, certificate of deposit and all other accounts at least once every three years. Cash all checks for dividends, insurance benefits and wages. If you stop receiving dividends, contact the company that issues the dividends. Notify a family member or trusted adviser of the location of your financial records. Prepare a checklist of all financial assets in order to notify all concerned parties if you change your address. Each year, Treasury receives millions of dollars in unclaimed property â€" things like abandoned bank accounts, forgotten stocks, uncashed checks, certificates of deposit, life insurance policies, safe deposit box contents, and recovered stolen property. Treasury maintains custody of this property and works to return it to its rightful owners. Treasurer McCord and his staff currently seek the owners of over $1.9 billion in unclaimed property. In 2012, Treasury returned about $100 million to the rightful owners. We want to help you put your money back in your wallet. http://www.patreasury.gov/unclaimedproperty.html Report this Post to the Staff
starbuxinvestor Pillar of the Community United Kingdom 616 Posts	Posted 04/05/2013 09:16 am In believe in Texas after a certain period things go into an unclaimed money fund. I posted this because I have seen several posts recently on how "unsafe" safety deposit box storage is and how they were being seized regularly with warrantless search. Also saw things about banks inventorying boxes. In the case of my box there is only one key an the bank does not have a copy. Standard boxes require 2 keys 1 of which the bank doesn't have. I think people deserve to know all the information. Hysteria rarely leads to good decisions. The Official State of Texas Unclaimed Property Website http://www.window.state.tx.us/up/ One in four Texans has unclaimed property from forgotten bank accounts, uncashed checks, security deposits and utility refunds. It's your money, and we want you to get it back. Texas is currently holding more than $2.6 billion in cash and other valuables waiting for the rightful owners to claim. It's never too late to make a claim, and we are committed to ensuring hardworking Texans don't lose a penny. COME AND GET IT! In 2012, the state returned more than $159 million to its owners. Find out what you may have been missing by searching our unclaimed property database. Edited by starbuxinvestor 04/05/2013 09:17 am Report this Post to the Staff
angel2004 Pillar of the Community United States 2168 Posts	Posted 04/08/2013 12:07 pm They are escheat laws. NJ used to be 20 yrs. back in the day, now only 3! The customer is attempted to be notified and years ago used to be in the newspaper. Now not much in the way of notification. The money goes to the state, to get it back paperwork must be filled out etc. Report this Post to the Staff
	Replies: 7 / Views: 1,771

To participate in the forum you must log in or register.

All Forums Category: General Numismatic Forums Forum: Precious Metals and Bullion - Gold, Silver, Copper, Platinum

Silver Gold Bull US is the United States leading bullion dealer. We deliver gold coins, gold bars, silver coins, silver bars and precious metals to your door. Order today!

The First Dollar, your premier source for bullion and rare coins. See our bullion list on the site and the coin inventory on ebay.

View Last 100 New Topics

View Last 100 Active Topics

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use

Coin Community Forum

It took 0.25 seconds to rattle this change.