ROCHESTER, N.Y. A 12-year-old middle-schooler was irate after he learned $149 he left untouched the past three years in his ESL FCU account was seized by the state under local escheat laws.
The credit union member, Louis Annunziata, thought he would let the money grow indefinitely and ignored notices from the credit union to confirm his ownership of the account.
Because the youth’s account had no activity in three years, ESL took the money and sent it to the State Comptroller’s office. According to the Comptroller’s website, “for your protection” the state takes “abandoned money... Until the money is claimed, it is used by the state’s general funds.”
Credit union officials said they did not contact the youth directly because they have more than 5,000 dormant accounts.
The youth’s mom has since contacted the Comptroller’s office, which has promised to send him the money in the next two weeks.
Under previous state law, funds unclaimed for five years were sent to the state now it is three years.
