Tuesday, March 22, 2016

"Abandoned" bank account: New York State Comptroller still needs to state policy and procedures.

Email reply from:

New York State Comptroller
Office of Unclaimed Funds

date:Tue, Mar 22, 2016 at 7:22 AM
subject:RE: New York Unclaimed Property Rules & Time Limits

We require more information to search of our database.  We require the
account owner’s full name and any current and previous New York State
addresses associated with that name...

Blah. Blah. Blah.

This is reply to

Chase Bank: "your account is considered abandoned". Say what? WEDNESDAY, MARCH 16, 2016

Obviously, the state employee who sent the reply didn't read my message ad/or didn't understand. Here is my reply to help clarify:

date:Tue, Mar 22, 2016 at 9:21 AM
subject:Re: New York Unclaimed Property Rules & Time Limits

The New York State website was useless except for the happy state comptroller supplying information on how someone can get their confiscated money back but not the parameters for how the money can be taken...

... hope that the New York State legislature and Comptroller will fix this mess for all of us.

I stopped my account from being seized. What I want to know:
1. What are the New York State laws that cause a bank account to be declared abandoned?

2. What is a bank like Chase required to do in terms of notification?

3. Other than deposit and withdrawal, what constitutes activity? For instance a Chase person told me that these things did NOT count:
- transfer to/from another Chase linked account
- online access
- ATM access.

4. Specifically, how much advance notice must a bank send before it can have the state confiscate the money in an account? How many notices? Is the bank required to communicate digitally in addition to paper?

5. Doesn't my filing NYS income tax returns suggest that I am alive?

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