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View Full Version : If you have a safe deposit box, better check it.



Dead Lesbian Goat
06-17-2014, 10:12 PM
And check it soon!!

http://www.theblaze.com/stories/2014/06/17/this-is-such-a-dangerous-thing-you-might-be-shocked-to-learn-what-the-government-can-do-with-so-called-inactive-bank-accounts/

I would have never thought it possible, how is this even legal?

https://www.sec.gov/answers/escheat.htm

Dracula
06-17-2014, 11:31 PM
Dear sweet God, I have to invest more money in cars instead of savings.

This is the type of actions that seriously undermine an individual's trust in the Government...

Bitsyncmaster
06-18-2014, 05:02 AM
In Maryland the wait time is 5 years. I got a letter many years ago saying I would lose an IRA I took out many years ago. Now how many of you have IRAs that of course you opened one year and leave it until you retire.

OverlandMan
06-18-2014, 09:15 AM
In Maryland the wait time is 5 years. I got a letter many years ago saying I would lose an IRA I took out many years ago. Now how many of you have IRAs that of course you opened one year and leave it until you retire.

I would think any state or federal government would have a hard time proving an IRA is inactive unless you have nothing invested and it's all sitting in cash for how ever many years.

Scary stuff though! Another reminder big brother controls everything.

NightFlyer
06-18-2014, 05:23 PM
Good banks will provide contracts upon opening accounts that circumvent the statutory minimum threshold and extend it out significantly if not indefinitely. If they don't, insist that they do. If they won't, then don't bank with such institutions.

Dead Lesbian Goat
06-18-2014, 05:52 PM
Good banks will provide contracts upon opening accounts that circumvent the statutory minimum threshold and extend it out significantly if not indefinitely. If they don't, insist that they do. If they won't, then don't bank with such institutions.

As long as you are paying your box fees, it shouldn't matter how many you times you visit the box or use the account before they allow any state entity to seize it. Good bank or bad.

NightFlyer
06-18-2014, 06:05 PM
As long as you are paying your box fees, it shouldn't matter how many you times you visit the box or use the account before they allow any state entity to seize it. Good bank or bad.

Agree.

The statutory laws that allow such seizures by state/federal governments are merely minimums, which can easily be contracted around provided that the financial institutions actually take the time/effort to perfect and offer such contracts to their customers.

The courts which have found that payment of box fees alone do not constitute 'activity' which would prevent seizure under the statutory scheme have clearly treaded into activist territory, and should be ashamed of themselves. Unfortunately, this is what results when we allow agenda driven judges to take and hold the bench (especially on the federal level, where the term of service is for a lifetime and it's extremely difficult to remove such individuals from their appointed terms).