How to Protect Your Bank Account From Being Seized by the Government

Gary North provides some valuable information:

In my state, if you forget to do a transaction in a bank account for one year,
the state of Georgia confiscates your money. Good luck on getting it back.

The account is called a "dormant account." It's fair game for the tax man.

Read about it here.

http://www.garynorth.com/snip/1139.htm

They do the same in your state. Have you checked the time in your state for an
account to be declared dormant? Do. Soon.

I have some very savvy subscribers. They post goodies on the forums. (My site
has a lot of forums.) Here is a recent post on dormant bank accounts.

"The key to prevent issues, especially in this day of electronic banking and
automatic payments is to set up an automatic deposit of say $10.00 every 6
months to each of your accounts from your main active bank account. This
should forestall any issues, and won't even cost you a stamp.

"Similarly, if you don't use a credit card, they may close it after a period of
time, which may affect your credit score. Therefore I charge a tank of gas on
each of my inactive cards every year just in case - just be sure not to forget to
pay it."

Don't let the state do this to you.

Dormant accounts are also vulnerable to internal bank theft. Early in my career I worked at a bank. The bank regularly produced a list of dormant accounts. One of the officers at the bank would withdraw some funds from accounts that were dormant 5 years plus and put the funds into his own account. He was finally caught when he withdrew funds from the account of a little old lady. She didn't touch her account for years, but she checked her statement every month.

-RW
.