Banking practice was Re: y2k stuff

From: Joe <rigdonj_at_intellistar.net>
Date: Wed Jan 6 21:18:34 1999

At 01:28 PM 1/6/99 +0000, you wrote:
>> banks:
>> Keeping in mind that banks routinely deactivate and -absorb- every
>> account that is over x years idle (commonly 2 yrs. but every one I have
>> come across has some variant of this), see how the above method applies
>> to this situation.
>
>
>Are you sure this is legal?

  It is here in the US. I *think* the money is supposed to be turned over
to the government but in my experience the banks get (got!) it by imposing
"low-activity" fees only on the inactive accounts that the government was
about to get and "fees" ate up all the money in the account.

>AFAIK there is nothing in any contract I take out with a bank that says
>that if I deposit money and leave it there for over 2 years they are
>entitled to it.

  Same here but the banks frequently change the terms of the account. The
account holder is notified (or mailed a form saying the bank is changing
the account terms anyway) but if he's inattentive for any reason he nevers
gets the money out of the account in time and the bank gets it all. I used
to make sudden and lengthy trips as part of my work in the USAF and the
banks got a couple of my accounts the due to this. Later I worked in the
banking industry and found this was normal practice.

  Joe
Received on Wed Jan 06 1999 - 21:18:34 GMT