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#1340154 - 02/09/10 05:13 PM ACH Direct Deposits
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
We have an account that has not gone dormant due to the fact that the customer is receiving direct deposits.

There are no other transactions that have come through on the account and the account has been on return mail for over 10 years.

Is it OK for the account not to go dormant because of the direct deposits? Can we go ahead an escheat the funds to the state?

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#1340753 - 02/10/10 01:40 PM Re: ACH Direct Deposits lucyc
lucyc Offline
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lucyc
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Posts: 1,074
Bump

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#1341654 - 02/11/10 01:36 PM Re: ACH Direct Deposits lucyc
lucyc Offline
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lucyc
Joined: Jul 2007
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Bump Bump

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#1341966 - 02/11/10 05:55 PM Re: ACH Direct Deposits lucyc
First Banker Offline
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First Banker
Joined: Apr 2005
Posts: 403
Florida
Ivc, I think that you are not getting answers because you did give much information.

Who is originating the direct deposits, and have they been coming in for all of the last 10 years? Have you checked the SSN to see if the person is deceased?

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#1342169 - 02/11/10 08:12 PM Re: ACH Direct Deposits First Banker
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
Sorry.

We have checked the SSN and the person isn't deceased.

The direct deposits are from the VA.

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#1343862 - 02/16/10 05:42 PM Re: ACH Direct Deposits lucyc
lucyc Offline
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Bump

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#1344276 - 02/17/10 01:03 PM Re: ACH Direct Deposits lucyc
lucyc Offline
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Bump Bump

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#1344290 - 02/17/10 01:20 PM Re: ACH Direct Deposits lucyc
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 82,149
Galveston, TX
The FL Statutes read as follows:

717.106 Bank deposits and funds in financial organizations.--

(1) Any demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a banking or financial organization is presumed unclaimed unless the owner has, within 5 years:

(a) Increased or decreased the amount of the deposit or presented the passbook or other similar evidence of the deposit for the crediting of interest;


One could argue that the "owner" has not done this. I would suggest calling someone in the compliance/reporting section to get a definitive ruling. Contact information is on the following page.

http://www.fltreasurehunt.org/Staff.jsp
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1344324 - 02/17/10 02:14 PM Re: ACH Direct Deposits rlcarey
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
Thank you

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