Escheat Laws?????

[sweetpea70512]

Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. It originally referred to a number of situations where a legal interest in land was destroyed by operation of law, so that the ownership of the land reverted to the immediately superior feudal lord.

Banks are now using these laws to steal monies from checking accounts and saving accounts that are inactive. I recently left money in an account in another state after I moved. Thought it would be there if I needed to go back or if I needed I would just acceszs the account. after 3 months the bank stripped the account and then had the aduasity to charge me to close the account...... Is there notheing that can be done about this?

 

[EagleKeeper]

1) Check the TOS regarding the fees on the account.

2) Why did the bank consider the account inactive - is there a time limit in the TOS or did statements that were mailed get returned due to no forwarding address?

Many states require bank & other institutions to turn over orphaned property to the state.
The state then uses its resources to track down the owners

 

[sweetpea70512]

TOS was changed....before I got the notification that they had changed them they had already taken the money out of the account. We are talking over $500.00 and I think it is criminal

New change of address was in effect, I got all my statements. I left the money in there because I thought it was safe...In a Bank you know??? The account was considered inactive because I was not writing checks on it.

 

[JEDIYoda]

get some true legal counsel...ATOT is not legal counsel..lol