Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets

[Tiberius]

The 50 U.S. states are holding more than $32 billion worth of unclaimed property 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.

http://abcnews.go.com/GMA/story?id=4832471&page=1

Even in a country saturated with daily outrages, this one is unbelievable. The government is stealing money from grandma's safety deposit box? HUH?

[mainegreen]

1. Maine's pretty good. Twice they've found money I never knew I had coming.

California sounds nuts.

[crimsonblue]

2. when they start stealing people's gold, then give me a call...

Under FDR, most of the nation's gold supply was repossessed. This sucks, but many states have laws that say the state can take the property after so much time without a claim. It's no different than the common law of "30 days, and it's yours."

[Bozita]

3. A lot of folks only visit that box when they have a vital document.

Those occurrences may be years apart.

This news is disturbing.