Seized Bank Accounts

Gary North - June 21, 2014
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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. //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.

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