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States Seize Citizens Property to Balance Their Budgets
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Description:
http://abcnews.go.com/GMA/story?id=48...
ELISABETH LEAMY
ABC News
May 12, 2008
The 50 U.S. states are holding more than $32 billion worth of unclaimed property
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that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money ? your money ? to balance their budgets.
Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies.
Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.
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Jul 18, 08
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imhavingaboy24
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Posted Jul 20, 08 by
realvworld
And this is just another confirmation of how I am glad I dont give the banks too much power, I bet thats happed loads of times! Thanks for keeping me posted Tugs! :-)
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