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Submission + - Introducing the newest tactic for governments to raise cash ( 1

schwit1 writes: Each of the 50 states has its own regulations pertaining to the seizure of dormant bank accounts. Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year. In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

So much for setting aside money for a rainy day and having the discipline to never touch it. If you’ve locked away money for your children’s savings or unforeseen emergencies, your government might be sharpening its knives ready to dig in.

First, it calls into question the fundamental principle of private property. How can something be yours if the state can legislate its authority to seize it? And even if the account holder has long since passed, shouldn’t the funds, by default, be awarded to the survivors nominated in accordance with the instructions in his/her last will and testament? It is a rather ignoble act indeed to set aside the wishes of the dead so that the state can have yet another resource to plunder. More concerning, though, is that if the state can simply legislate its authority to seize dormant bank accounts, then they can just as easily lower the bar.

It’s just another example of how the entire system is rigged against the individual and all the more reason to divorce oneself from it. Physical gold, anyone?

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Introducing the newest tactic for governments to raise cash

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  •'s not at all uncommon for bank accounts to go unclaimed forever, and various jurisdictions have various ways of dealing with that.

    For example, I have a small savings account left over from a former employment that I haven't touched in about 15 years...I recently got a letter from the servicing credit union that offered me the options of keeping it active for another expiration period or closing it and collecting a check. Seems fair to me.

    If you haven't designated an heir in your account agreement, the

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