Monday, April 29, 2013

Chase Bank Wants To Give Your Money To California

The other someone I know got a notice from Chase about a checking account she's held with them for many years.  She hasn't made any deposits or withdrawals from it, but it's always there.

That notice she got informed her that since her account has not had any activity for a period of time, they started quoting CA laws stating that they can turn the money over to the state as unclaimed property.

Serious!

The account is a non-interest bearing account but it's always been there.  And now Chase wants to take her money and give it to the state of California as unclaimed property.

If by chance, you have accounts with Chase, that you think will be there forever and you haven't interacted with, you might want to go check on it!

Now per the laws quoted in the letter, this could impact any bank.  But I also know banks interpret rules and laws differently. 

For instance, I have my own Chase account that requires me to sign in with only one computer.  If I change computers to sign in with, they have me go through hoops to get a "key" to log in from this different computer.  If I go back to that other computer, I have to go through that entire process again.

When I asked why, they quoted new 9/11 RULES that require banks to do this.

But my other bank does not have that rule because I can access it from any computer I want without the hoops.

So if you have what they consider to be a stagnate account, you might want to be aware that they will call it "unclaimed property" and give it to the state.  (Don't worry, they give you plenty of time with their notice, but if you blow off nondescript looking letters, well, don't if they're from Chase!)

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Hi - sorry for the confirmation but I need to weed out the noise from the well intended comments. Thanks for leaving a note... - Bruce