Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets

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  • Tylerdurden
    Banned
    • Jul 2006
    • 19903

    Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets

    The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets.

    State governments are seizing contents and auctioning off citizen's valuables.
    Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies.

    Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.


    Not-So-Safe-Deposit Boxes


    San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

    Continued....http://abcnews.go.com/GMA/story?id=4832471&page=1
  • Phillip Allen
    new member
    • May 2002
    • 63618

    #2
    Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

    cash grabbing...taxes and more...CASH GRABBING FOLKS...GET IT?

    (not all that different from the gun grabbing in New Orleans)
    Last edited by Phillip Allen; 05-14-2008, 04:07 PM.
    The doctrine of nonresistance against arbitrary power, and oppression, is absurd, slavish, and destructive of the good and happiness of mankind.
    Personal failures are too important to be trusted to others.

    Comment

    • boylesboats
      Lil' Rascal
      • Nov 2006
      • 3831

      #3
      Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

      Mark,
      I could not believe that... I guess they do anyway...
      Them government are greedy basturds ain't they?


      It better off to have your own personal safe at home
      save a nose, pick a banjo

      Comment

      • L.W. Baxter
        can eat fifty eggs
        • Sep 2003
        • 23618

        #4
        Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

        Um, actually, it would cost the state money to search for the rightful owners. They would spend my tax money to hunt down somebody who didn't make the effort, or couldn't be bothered, to claim their stuff.

        I also know for a fact that the state I live in keeps a database of unclaimed property. I don't know for how long items remain on the list but I'm sure it's reasonable. How long would you like the state to hold onto your stuff for you?

        Comment

        • epoxyboy
          Senior Member
          • Sep 2005
          • 6213

          #5
          Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

          Originally posted by L.W. Baxter
          Um, actually, it would cost the state money to search for the rightful owners. They would spend my tax money to hunt down somebody who didn't make the effort, or couldn't be bothered, to claim their stuff.

          I also know for a fact that the state I live in keeps a database of unclaimed property. I don't know for how long items remain on the list but I'm sure it's reasonable. How long would you like the state to hold onto your stuff for you?
          Given that the state doesn't have to physically "store" anything, at least ten years doesn't seem unreasonable.
          There was a property here in Christchurch NZ (my home town) that had been purchased by an American guy who had returned to the US, and passed away. After ten years of trying unsucessfully to track down NOK, the town council was finally able to sell the place off to recover unpaid rates (the annual water/garbage etc service fee). In the mean time, it had been rented out by some enterprising local to a couple of unsuspecting tenants!!
          Funny thing is that when it hit the news, the local (NZ) TV people were able to locate this guys ex-wife (in the States) in two days. Go figure - our govt would have got the balance of the house sale if the news crew hadn't done a little bit of work.

          Pete
          The Ignore feature, lowering blood pressure since 1862. Ahhhhhhh.

          Comment

          • L.W. Baxter
            can eat fifty eggs
            • Sep 2003
            • 23618

            #6
            Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

            I am philosophically disinclined to be disturbed if people lose stuff they don't need, don't know they have, or can't be bothered to look for.

            Ironic that "Tylerdurden" would post this. He must have missed part of the movie.

            Comment

            • Spin_Drift
              LPBC member
              • Jul 2006
              • 19676

              #7
              Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

              Boy, that's really something.

              What a crooked scam it had became.

              I've heard it's safer to bury your valuables than keep in a bank...
              Choose wisely -Treat kindly...
              A secret to a good marriage is to have a quick mind and a slow mouth...
              sigpic
              S/V ORCA 38' Herreshoff Ketch

              Comment

              • boylesboats
                Lil' Rascal
                • Nov 2006
                • 3831

                #8
                Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                Originally posted by Spin_Drift
                Boy, that's really something.

                What a crooked scam it had became.

                I've heard it's safer to bury your valuables than keep in a bank...
                you got that right
                Only if I could remember where
                save a nose, pick a banjo

                Comment

                • Paul G.
                  Senior Member
                  • Feb 2006
                  • 2314

                  #9
                  Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                  Originally posted by L.W. Baxter
                  I am philosophically disinclined to be disturbed if people lose stuff they don't need, don't know they have, or can't be bothered to look for.

                  Ironic that "Tylerdurden" would post this. He must have missed part of the movie.
                  I think you miis the point in your hurry getting to the ad hominem part.

                  Safe deposit boxes are for safekeeping your personal valuables, since when do you give the state moral and legal authority to seize your private property; ergo your estate should you be dead, because x amount of time has lapsed.
                  polite and appropriate

                  Comment

                  • Tylerdurden
                    Banned
                    • Jul 2006
                    • 19903

                    #10
                    Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                    Well at least we know who the thieves really are and who supports them.

                    Comment

                    • paladin
                      Senior Senior Member
                      • Dec 2000
                      • 26476

                      #11
                      Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                      This has been going on for many years.....roughly 20 years ago I had an account in a California bank...It was used regularly when I travelled as much of my business was spent in Cal. There were a few hundred dollars in the account, and I had only made deposits when I knew that I would be travelling through and the balance was too low. After a couple of years I sent acheck to be deposited and received back the notice that the account had been closed and the 700 plus bucks had been claimed by the state....a bit P1$$ed I was to say the least.
                      Their reasoning was that no deposits or withdrawals had been made in 36 months so they claimed it as an abandoned account.....It took a bit of paperwork and a few months but the money was returned....so now.....I have no U.S. bank accounts......and they tried to do the same thing to overseas banks that have accounts to known American Citizens...some co-operate, some don't..
                      Wakan Tanka Kici Un
                      ..a bad day sailing is a heckuva lot better than the best day at work.....
                      Fighting Illegal immigration since 1492....
                      Live your life so that whenever you lose, you're ahead."
                      "If you live life right, death is a joke as far as fear is concerned."

                      Comment

                      • Tylerdurden
                        Banned
                        • Jul 2006
                        • 19903

                        #12
                        Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                        Originally posted by The Bigfella
                        I had drinkies last night with someone who has been marketing manager for two of our big four banks. Damn, I forgot to ask her about this. Fancy forgetting the big issues eh?
                        I shared a PBR with a homeless guy down on the tracks last night.
                        Its refreshing to talk to real people who are not so boastful.

                        Comment

                        • Milo Christensen
                          Banned
                          • May 2006
                          • 6578

                          #13
                          Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                          Figures Mark'd be a pabst blue ribbon drinker. Tells some of us all we need to know. But anybody who'd cadge a half a beer from a homeless guy is pretty hard up.

                          Comment

                          • Tylerdurden
                            Banned
                            • Jul 2006
                            • 19903

                            #14
                            Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                            Originally posted by The Bigfella
                            yeah, I'm with you on that one Milo.
                            I thought you were with Milo on that trip to Thailand?

                            Comment

                            • Tylerdurden
                              Banned
                              • Jul 2006
                              • 19903

                              #15
                              Re: Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budge

                              Originally posted by The Bigfella
                              Hey Milo - I think you hit the mark.
                              Seen any of my kids around Biggie? How old are your kids?

                              Comment

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