trust accounts in dead bank

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brandy
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trust accounts in dead bank

Post by brandy » Wed Mar 21, 2018 12:00 am

I am working on updating my trust papers. Today I discovered a few trust accounts I had forgotten about, with a note that I added money to them in 2005. Today I also found that that bank (which has/ had those trust accounts was sold to another bank. Later that original bank was sold again.
Where do I even start to find those accounts? I don't know that I have ANY papers regarding the accounts except the numbers themselves. I don't think I've ever heard from that original bank, or either purchaser.

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CAsage
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Re: trust accounts in dead bank

Post by CAsage » Wed Mar 21, 2018 1:56 am

Sounds like a bank/savings account at a defunct bank? Most states have registries of unclaimed property, I would search any state you lived in or banked in for those unclaimed or lost assets.
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

brandy
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Re: trust accounts in dead bank

Post by brandy » Wed Mar 21, 2018 8:48 am

Thanks. I did an unclaimed property search in three states, even inputting the account numbers in one state, and nothing came up.
Seems to me the bank that took over the original institution (in 2006) would also get all assets. Would they keep them when they sold it in 2016?
The bank that bought later had numerous problems--it happened that I had accounts in it, too, and left it I think in 2012 because of those problems. I closed my accounts there, never realizing they held the other 2--3. The reason I left they had started collecting fees, I don't think they notified in a way that was prominent. I was already talking of closing those accounts, because of the widespread problems.
FWIW, as part of this trust updating process, I talked to a local businessman yesterday, he said they also left that bank because of similar problems.

What are my next steps?
I will go the the branch bank and talk to someone there. I hope they can produce the accounts, or a contact number.

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BolderBoy
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Re: trust accounts in dead bank

Post by BolderBoy » Wed Mar 21, 2018 10:44 am

brandy wrote:
Wed Mar 21, 2018 8:48 am
What are my next steps?
I will go the the branch bank and talk to someone there. I hope they can produce the accounts, or a contact number.
That is exactly your next step. Good luck with this. It is likely you will be successful, though a hassle in the meantime.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

brandy
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Re: trust accounts in dead bank

Post by brandy » Thu Mar 22, 2018 11:53 am

Thurs Mar 22 2018
Before I went to the local branch of bank 2 yesterday found two papers: one, a return receipt from bank1, (verification I did have dealings with them) the other, a tax statement from 2010 from bank2, on their letterhead., interest close to 1K. The numbers I had written in my trust papers (~2006) were basically the same as on the tax statement, but in a different configuration, 0's and hyphens/spaces different. So I copied bank2's numbers for both accounts, along with two of bank2's accounts I know were closed, and went.
With great confidence and a happy face, I gave the slip of paper to the clerk, saying, I want to update the information on the top two accounts, and get routing information to make a deposist.
By then she had input the numbers and said “these aren't our numbers.”
I said, "Ah, yes, they are."
“The bottom numbers are, but the top ones aren't.”
“I copied them from a bank2 statement.”
She was shaking her head no, and repeated the bottom ones are, and the accounts are closed. The top ones aren't ours. You have only one account with us now.”
Then she said those accounts were closed. I didn't know if she was referring to the top ones (from bank1) or not.
I said, “I may be wrong, but I hope you are. I'll go and see if I can find more information. I may be back.” I smiled, thanked her, and left. I still don't know about the two accounts.
I know there was enough in them to generate a lot of interest on them in one year.
I will take that paper to my present bank to copy it, find out when my account there was opened. Maybe they can tell me something.
Any ideas on how to proceed further?

123
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Re: trust accounts in dead bank

Post by 123 » Thu Mar 22, 2018 1:53 pm

I think the first thing is to decide how much money you think is involved in these lost accounts.

You could trace back through your own tax records looking for 1099's reporting interest for these accounts. If you didn't get 1099's it may have been because the interest was under $10 in a year or the bank did not have your correct address (did you move along the way?).

You could write a snail mail certified letter to the president of the bank asking for the status of the accounts and identifying the accounts as best you can. What bank (and branch) had them, what account number (as you recall), what name(s) was on the accounts, and what SSN was used (you can list more than one if they could have been in your SSN, a spouse's SSN, a trust TIN, etc). Writing to the president of the bank generally ensures that the correspondence will be controlled and not lost or misplaced and you should get a response within a month or less.

Of course if the accounts were joint accounts with another party it is possible that the other party withdrew the funds along the way.

Edited to add:
Some banks have gotten very creative with fees related to account activity and balances. If that happened along the way it is possible that the account balances were absorbed by fees. Even a bank like Bank of America has monthly fees for many savings accounts that are below a certain limit. Other banks may be similar.
The closest helping hand is at the end of your own arm.

brandy
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Re: trust accounts in dead bank

Post by brandy » Sat Mar 24, 2018 5:54 pm

Thanks for your response. I am getting a copy of the bank2 paper and will go to a different branch for help in getting more information next week. I found a little more info, there was a few K in each.

Yes, re the fees, that's why I left them, and many others at the time.

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CAsage
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Re: trust accounts in dead bank

Post by CAsage » Sat Mar 24, 2018 6:05 pm

I have found that most banks can check all your accounts if you give them your SSN. Suggest trying it from that direction... and bring copies of all the old statements/1099 to the bank, so they can (perhaps) trace them (not just the account numbers, maybe they can look up old numbers). For banking, SSN is the one number that rules them all...
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

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Ged
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Re: trust accounts in dead bank

Post by Ged » Sat Mar 24, 2018 6:28 pm

CAsage wrote:
Sat Mar 24, 2018 6:05 pm
I have found that most banks can check all your accounts if you give them your SSN. Suggest trying it from that direction... and bring copies of all the old statements/1099 to the bank, so they can (perhaps) trace them (not just the account numbers, maybe they can look up old numbers). For banking, SSN is the one number that rules them all...
A trust account may have an EIN of it's own for tax reporting purposes. If the OP has tax information for these trusts the EIN might be useful as well.

brandy
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Re: trust accounts in dead bank

Post by brandy » Mon Mar 26, 2018 9:09 am

Thanks.

brandy
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Re: trust accounts in dead bank

Post by brandy » Mon Mar 26, 2018 9:18 am

Ged wrote:
Sat Mar 24, 2018 6:28 pm
CAsage wrote:
Sat Mar 24, 2018 6:05 pm
...most banks can check all your accounts if you give them your SSN. Suggest trying it from that direction... and bring copies of all the old statements/1099 to the bank, so they can (perhaps) trace them (not just the account numbers, maybe they can look up old numbers). For banking, SSN is the one number that rules them all...
A trust account may have an EIN of it's own for tax reporting purposes. If the OP has tax information for these trusts the EIN might be useful as well.
So far the only "official" paper I found is that 1099 from bank2. Today I plan to get a copy to take to them. I did find more notes in my trust papers and old bank statements from a different bank, re withdrawals from that one to make 2 deposits into those two money market (MM) accounts in bank 2 of several K, and another note that there was over 25K in MM in bank2. That's not enough to warrant $1000 interest in a year.
I haven't had anything to do with bank2 for at least 5 years, and started shredding their statements a few years ago. I have one more place I can look, but not holding out much expectation of finding statements.

123
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Re: trust accounts in dead bank

Post by 123 » Mon Mar 26, 2018 5:00 pm

Have you checked to see if any of the banks escheated the funds to the state? I think all states have abandoned property laws where after a certain period of time (sometimes only a couple of years) abandoned assets have to be forwarded to the state. Most of the time you can check on-line for abandoned property which is held by the state. It's normally recorded in the same name as the account was held. If it's been escheated it is most likely with the state in which the account holder's last address was but you could also check the state's where the bank(s) was/were headquartered. There are procedures to get the money back from the state but once money goes to the state it usually ceases to earn any interest.
The closest helping hand is at the end of your own arm.

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