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Yep, it happens. It's called escheatment [1] [2] [3]. Why the uproar? What's "supposed" to happen with accounts that have been abandoned (dead owner, no family/
by frenchman_in_ny 13y ago
Yep, it happens. It's called escheatment [1] [2] [3]. Why the uproar? What's "supposed" to happen with accounts that have been abandoned (dead owner, no family/will/estate or whatever other scenario that could exist)?
[1] http://www.sec.gov/answers/escheat.htm http://www.sec.gov/answers/escheat.htm
[2] http://en.wikipedia.org/wiki/Escheat http://en.wikipedia.org/wiki/Escheat
[3] https://customerservice.sovereignbank.com/app/answers/detail/a_id/3048/~/what-is-escheatment%3F https://customerservice.sovereignbank.com/app/answers/detail...
- incompatible 13y agoBut you'd think in that case that any sign of activity on the part of the owner would be enough to determine that they aren't dead. E.g., logging in to online banking or answering a phone call from the bank. Now with this new Australian regulation, I'll have to remember to put some activity through accounts that are just savings.