As a young guy, certainly through my mid-20s, there were few small thrills as nice as reaching into your jeans' pockets and finding cash -- either a 5, 10, or 20 dollar bill. Man -- even though it was your money, it was like finding it on the street -- assets you forgot you had.
Yesterday, Wifey and I had an updated version of that, in the form of "dormant accounts." Years ago, Wifey started a jewelry business, where she bought really cheap costume stuff at a mart near MIA and sold it to friends and visitors. It started to make real money, and I told her she needed to incorporate and start paying taxes -- lest we invite an IRS audit from her fun hobby. That put the kibbosh on her business, on account of she didn't want to go to the trouble, but she had opened a checking account that we funded with probably $10K, at the newly formed BankUnited.
I had also opened a checking account with them, at the request of former SunTrust folk who started the bank -- probably just $1200 or so. In all honesty, over the years I totally forgot about MY account, especially since the interest was so low as to make it non taxable,and so no 1099s came my way -- same for Wifey's account.
Wifey WOULD get notices from time to time that she needed to do something or the account would go "dormant," and money eventually turned over to the State. She would go in and make a small deposit -- she thought the last time was last year. Turns out it was over 2 years ago.
I got a notice from BankUnited about dormancy, and I thought it related to Wifey's account. I had asked her over the years to simply close it and take the money, but on the advice of divorced friends, really one friend, she was told to always keep her own account -- I guess in case I somehow took all of our money and fled. Or in case she needed to flee without my knowing -- I didn't have, or care to have, any online access to her "In case Dave goes off the air" account.
Well yesterday I got Wifey to go with me, and we went to the BankUnited in Pinecrest, where a friendly teller checked my letter and closed the account -- balance of $1400. That was nice, but Wifey knew her account was larger. Sure enough, there was a "restricted" account in her name --restricted since it was dormant, and after a 30 minute wait for BU's "operations" the teller learned the balance was well over $17K. Wow -- found money!
It took another half hour or so, and a sign off by the manager, but we got our second check, and the accounts were closed. Nice! Nearly $20K of "found" money -- the updated version of finding the $20 bill. Of course, the trip we just took had an Amex bill that took care of the found money -- yes -- found amounts are bigger, but our expenses are, too. Wifey and I laugh at how somehow expenditures have changed since we were first together -- and neither of us really buy STUFF!
Anyway -- we celebrated by walking next door for lunch at Chipotle, where it was crowded with VERY young people -- even some Pinecrest cops clearly in their 30s. One neighbor, Walter, stopped by to chat -- he's in his early 50s and about to take his wife and 2 young daughters on an Alaska cruise -- we told him about our trip when WE had young daughters, too.
We had more banking to do. Today marks the 3rd anniversary of my suegra's death. When she passed, she had one Bank of America account, payable on death to the Ds, with a balance of $100.15. After I got her death certificate, I filled out a comically long series of papers, and sent them with the certified certificate to an operations center in Tampa, so the Ds could each get their $50 and change -- and we would close the account.
We never heard back from BOA, and for the last 3 years, we get monthly statements showing the balance.
Yesterday we went to the Sunniland branch, and I showed the certificate and statement to the nice, corpulent bank officer. He said the Ds would need to fill out forms, and together visit a BOA branch to get the account closed -- though Wifey has POA, the Ds are beneficiaries.
So I'll turn over the paperwork to the Ds -- and leave it to them. Honestly, the time it may take with absurd BOA to get $50 each may not be worth it -- it'll be their call. If they leave it be, eventually the money WILL escheat to Florida, and someday they can apply to get it from the state.
Time, even for retired guys, is precious. Recently a friend told me he and his wife attended a time share lecture in Atlanta to get free tickets to the aquarium. These folks are millionaires, with multiple properties in Miami, and a new townhouse up north. I thought he was kidding -- he was serious.
Hey -- different strokes, I guess.
But Wifey and I are now hopefully done with dormant accounts -- though if it turned out that there was more forgotten money somewhere -- well -- that's a nice little thrill...