Ask Me Help Desk - Help for friend

Have a friend who had 1,500.00 in a savings account in another state. His last statement was received in May of 2002. When he tried to have the money transferred to his account here he was told it was not possible he needed to do it in person. He spent 300.00 on a plane ticket to go get his money and was told when he got there that there had been no activity in his acc. For too long and they had closed it and turned the money over to the state. This was a savings account. Is this possible? Sure doesn't sound right to me, he speaks broken english and I'm not sure if he's misunderstanding or is being taken advantage of. Thanks for your help, Charlene McGovern

I believe that is the way banks handle inactive accounts. You should call or write the bank and ask them for contact information for the relevant state office.

Quote:

Originally Posted by char20

Have a friend who had 1,500.00 in a savings account in another state. His last statement was received in May of 2002. When he tried to have the money transferred to his account here he was told it was not possible he needed to do it in person. He spent 300.00 on a plane ticket to go get his money and was told when he got there that there had been no activity in his acc. for too long and they had closed it and turned the money over to the state. This was a savings account. Is this possible? Sure doesn't sound right to me, he speaks broken english and I'm not sure if he's misunderstanding or is being taken advantage of. Thanks for your help, Charlene McGovern

Yes, it's proably correct, but check with the State where the bank is located, in lots of states' it called the "Unclaimed Property Dept" and is usually under most States' Treasury Dept. He will have to prove who he is, etc. Check online at Google, put in a query like this for example ALABAMA TREASURY "UNCLAIMED PROPERTY".