business banking advice

cool said:
You know whats even more scary, the Feds can confiscate any bank accounts thats not active for 5 yrs or longer. They consider such account is only for criminal use. This same rule apply to your deposit box as well. You can google inactive bank account confiscation. It started from USA and many countries followed such as Canada Autraslia...etc

As for the couple, its was Long Island NY, not New Jersey as i originally recalled

http://newyork.cbslocal.com/2016/06/23/chase-bank-missing-funds-suit/
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They claim to deposit a sum of money 14 years ago .... in normal world, normal people have record of such transaction. So either the bank did or did not receive the money. Secondly, I don't see anywhere that the banks are allowed to confiscate accounts after 5 years. I know BOC does something along the lines, but after much loooonger time, something like +20years .. not five. And they call it orphaned accounts or something along those lines.

I don't recall my bank telling me ... "Hey if you don't touch your account for 5 years we are taking your money ..." ... surely for them to do that, their actions would be backed up by some sort of law or regulation. Would love to see the source for that ....
 
mxs said:
They claim to deposit a sum of money 14 years ago .... in normal world, normal people have record of such transaction. So either the bank did or did not receive the money. Secondly, I don't see anywhere that the banks are allowed to confiscate accounts after 5 years. I know BOC does something along the lines, but after much loooonger time, something like +20years .. not five. And they call it orphaned accounts or something along those lines.

I don't recall my bank telling me ... "Hey if you don't touch your account for 5 years we are taking your money ..." ... surely for them to do that, their actions would be backed up by some sort of law or regulation. Would love to see the source for that ....
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Read the article again. The last record was they moved 5k out of that account 7 yrs ago.

As for inactive accounts, no banks tell you that. But go ahead assume the best

Ps, im not here to spoon feed you with source this source that, when google can answer that for you. Did not i say google if you want to know? Heck even in the news link the video reporter repeat Chase statement that any inactive bank account will be notified through a registered leter. If the moneymoney is unclaimed they will turn it over the the state.
 
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So you don't have a source? I looked, came empty handed ... you look like a master of googling, hence I asked. Never mind.
 
mxs said:
So you don't have a source? I looked, came empty handed ... you look like a master of googling, hence I asked. Never mind.
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Sorry you are not capable of googling.

Beside you already ignored the article i linked,

Enjoy your day.... in your "normal world"
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