The state is sitting on $10.5 billion that belongs to Angelina Jolie, the fat cats at Goldman Sachs – and maybe even you.
It comes from 25 million inactive bank, business and government accounts unclaimed by their owners and in the care of the state controller\’s office.
State law requires banks, insurance companies, utilities and other businesses to surrender inactive accounts to the controller\’s office for safekeeping.
People can search the claims by calling the office or visiting its Web site.
There\’s another way to do it of course. Simply declare that such unused accounts belong to the State itself. You know, everything belongs to the State except what the State allows you to keep sort of thing?
The above is a description of how New York State does it. The confiscation of whatever money you happen not to have used for 10 years is what Gordon Brown did.
\’Nuff said really.
Timmy FAIL.
In New York, unclaimed accounts are compulsorily transferred from the bank to the state. Once the money is in the state’s possession, if the original account holder contacts the state, they can still get the money back.
Under the UK’s Unclaimed Assets Scheme (the one introduced by GB), unclaimed accounts are compulsorily transferred from the bank to the state. Once the money is in the state’s possession, if the original account holder contacts the state, they can still get the money back.