Our Government Protecting Us

It has recently come to our attention that our government has found a new and creative way to “protect us.”

It turns out that if there has been no activity in a bank account for two years, the bank places the account on “inactive status” and then eventually transfers the assets to the State.

They do make an effort to contact the owner by email and mail but it requires the owner of the account to notify the bank that they are alive and functioning.

Since many of our clients have accounts at Synchrony that they use just for cash reserve, they may not have activity on a regular basis.  If you get a notice, call the bank and get it reinstated promptly.  You can setup a monthly transfer of some small amount to your checking account and avoid the problem going forward or just transfer yourself some cash once a year (on your birthday, a neat gift to yourself).

Either way it is a bit of a nuisance but not a big deal; it just requires a bit of attention.