All 50 states do this. If bank accounts are idle for 3-7 years they confiscate it and hold it in their 'Unclaimed Property' accounts. California tries to notify people, but some states don't even do that. California will even empty idle safety deposit boxes. They will sell any jewelry, stocks, coins, etc. at auctions, and then hold the 'cash' in unclaimed property accounts.
Now, the State of Georgia is lowering the time to one year!
"All over the world, governments are shortening the time periods required before they can seize “dormant bank accounts” and “unclaimed property”...
Check with your State's Controller unclaimed property division. When I did, I found that my son has 3 shares of Disney stock some relative must've bought him when he was born that they have confiscated. They are worth $82 bucks each, so we're getting them back. Just fill out a simple form.
When a true genius appears in the world, you may know him by this sign: that the dunces are all in confederacy against him. ~J. Swift
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