My two granddaughters had almost $1000 in the bank after the death of their mother.
Because of inactivity on this account, the US govt confiscated this money.
Surely this money earned interest and was therefor "active" on a regular basis though money had not been added or withdrawn.
How do I get it back to my two minor granddaughters ages 12 and 8?

You need to explain a little more. You said that the US gov. confisicated because of inactivity? I know banks close accounts because of inactivity so I don't understand what you mean. Was your daughter an american?

There is no question as to citiizenship. That has nothing to do withthis problem.
The banker said the "govt took the moneyout of the account because of inactivity...." Thius "inactivity" was over a few years.

Something still does not sound right.
Were you not getting banking statements each month? Are you their legal guardian?

This falls under escheat laws. When accounts fall inactive for a period the bank has to make an attempt to contact the account owners. This includes sending letters to the last known address and posting notice in a local newspaper. If these notices are ignored then the bank is required to turn the balances over to the government.

The government keeps records of these accounts and, if the owner comes forward, they are required to turn over the escheated balance, but it stops earning interest at the point it was escheated.

Yes, the bank should be able to provide you the info needed to claim the account

Thank you so much for your information.
You know exactly what I am talking about.
The man @ the bank didn't even offer to help in this situation.
I guess one has to go higher up to get answers and find out what forms etc... need to be filled out to reclaimthis money.
We will recontact the bank in question. :-)

Quote:

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Originally Posted by ScottGem

This falls under escheat laws. When accounts fall inactive for a period of time the bank has to make an attempt to contact the account owners. This includes sending letters to the last known address and posting notice in a local newspaper. If these notices are ignored then the bank is required to turn the balances over to the government.

The government keeps records of these accounts and, if the owner comes forward, they are required to turn over the escheated balance, but it stops earning interest at the point it was escheated.

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Keep us posted.