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Posted by P.Schuman on March 5, 2008, 11:09 am
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Just noticed last night that one of our Chase accounts had disappeared.
At first I paniced, and thought we had been hit with a theft... but it was
worse.
Chase - in their effort to protect their customers - tags an account as
"dormant"
when it doesn't have any activity for x amount of time.... maybe 6 months.
SO - this "savings account" had not seen any "activity",
therefore it was tagged as dormant, and removed for online viewing,
Quicken downloading, or any other access.
Isn't that the idea of a "savings account", to sit and grow ?
Guess not from the Chase point of view, it needs "activity".
The only way to make it re-appear, was to visit a local branch office.
Even the online customer service folks could not re-activate it.
I told the nice CSR that I will take care of that - and go to the branch -
and close the account..... and then no more problem.....
--
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"If everything seems to be going well,
you have obviously overlooked something." - Steven Wright
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Posted by gk on March 5, 2008, 1:32 pm
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wrote:
> Just noticed last night that one of our Chase accounts had disappeared.
> At first I paniced, and thought we had been hit with a theft... but it was=
> worse.
> Chase - in their effort to protect their customers - tags an account as
> "dormant"
> when it doesn't have any activity for x amount of time.... maybe 6 months.=
>
> SO - this "savings account" had not seen any "activity",
> therefore it was tagged as dormant, and removed for online viewing,
> Quicken downloading, or any other access.
> Isn't that the idea of a "savings account", to sit and grow ?
> Guess not from the Chase point of view, it needs "activity".
>
> The only way to make it re-appear, was to visit a local branch office.
> Even the online customer service folks could not re-activate it.
>
> I told the nice CSR that I will take care of that - and go to the branch -=
> and close the account..... and then no more problem.....
>
I believe, it's a common thing for banks to somehow deactivate (or
charge) the accont with no activity for stated period of time -
usually 6 month, sometimes as short as 3. The account holder needs to
know the terms, I guess.
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Posted by P.Schuman on March 5, 2008, 3:31 pm
Please log in for more thread options P.Schuman wrote:
> Just noticed last night that one of our Chase accounts had
> disappeared. At first I paniced, and thought we had been hit with a
> theft... but it was worse.
> Chase - in their effort to protect their customers - tags an account
> as "dormant"
> when it doesn't have any activity for x amount of time.... maybe 6
> months.
> SO - this "savings account" had not seen any "activity",
> therefore it was tagged as dormant, and removed for online viewing,
> Quicken downloading, or any other access.
> Isn't that the idea of a "savings account", to sit and grow ?
> Guess not from the Chase point of view, it needs "activity".
>
> The only way to make it re-appear, was to visit a local branch office.
> Even the online customer service folks could not re-activate it.
>
I went to Chase and had a nice chat with personal banker and local manager.
They indicated it is a State of Illinois law - I searched,
but could not find an online copy of the Illinois Banking Act.
The time period is 11 months.
The law does not count interest as activity, but only real
deposits/withdrawals.
What they have done in the past to circumvent this situation
is to setup some small auto-deposit amounts ($10)
every 6 months from a checking account to keep the other savings account
active.
Just thought I would share....
in case one of your Quicken accounts suddenly falls off the map,
like mine did last night.
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Posted by PortStG on March 6, 2008, 11:15 am
Please log in for more thread options On Wed, 05 Mar 08, "P.Schuman" wrote:
>What they have done in the past to circumvent this situation
>is to setup some small auto-deposit amounts ($10)
>every 6 months from a checking account to keep the other savings account
>active.
I wonder if you could just open two savings accounts and set them up
to auto-deposit to each other?
My bank understands the difference between "inactive" and "abandoned".
They send a list of their "inactive" (for 7 years) accounts to the
bank officers who line off the ones that they personally know are not
"abandoned". So it helps to say hello to your banker when you run
into him/her on the street.
Rick
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Posted by Jim-NN7K on March 5, 2008, 11:02 pm
Please log in for more thread options P.Schuman wrote:
> Just noticed last night that one of our Chase accounts had disappeared.
> At first I paniced, and thought we had been hit with a theft... but it was
> worse.
> Chase - in their effort to protect their customers - tags an account as
> "dormant"
> when it doesn't have any activity for x amount of time.... maybe 6 months.
>
> SO - this "savings account" had not seen any "activity",
> therefore it was tagged as dormant, and removed for online viewing,
> Quicken downloading, or any other access.
> Isn't that the idea of a "savings account", to sit and grow ?
> Guess not from the Chase point of view, it needs "activity".
>
> The only way to make it re-appear, was to visit a local branch office.
> Even the online customer service folks could not re-activate it.
>
> I told the nice CSR that I will take care of that - and go to the branch -
> and close the account..... and then no more problem.....
>
Much of the blame for this is YOUR STATES Escheat Laws( which demands
Dormant accounts to be SURRENDERED to the STATE, as you have "ABANDONED"
it! Some banks , charge (deduct from your account) 5o cents, or a $1
a year , to get your attention, and to circumvent this. Tho Escheat
normally takes place 5 - 7 years after these accounts show no activity.
a good practice is to move funds, or other activity on EVERY account
you own at least once a year. IF a state Escheats your account (for
your own "Protection"
(ha ha), it may be reclaimed from the state, BUT there may be FEES
involved (to "Prove " that you are "Entitled" to those funds! The
states LOVE escheat, as this is an INTEREST FREE LOAN to them!
Only OTHER way to avoid this is to bury your money in the First
National Bank of your Nearest River (or mattress)?? As info, Jim
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