Saturday, June 21, 2014

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.

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.


1 comment:

  1. You can only be deprived of your property or rights through a common law court. The government would have to file a claim higher than yours to your property in order to take it, otherwise it's theft. Of course only a man or woman can file a claim in common law court, which would make it very easy to have your property returned. But if you don't report it or attempt to sue the person who took your property, obviously they would just keep it, just like anyone who steals something of yours would.