Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1906-06-28
UNCLAIMED ACCOUNTS MANY
IN NUMBER.
THEY DEPOSIT AND FORGET
Amusing Incidents Attend Advertising
for Lost Depositors-Great sums
Tied UP Pending settlement OF
Law-Suits-Nest Eggs Sometimes
Are Not Reclaimed.


in banks and trust companies of
New York City there is from 100000
to as many million dollars worth OF
dead or unclaimed accounts. In most
cases these sums originate from small
balances left by depositors who have
withdrawn their accounts and have
neglected to come around for the odd
sums which remain after their main
account has been taken out. Very
often deposits are made by persons
who having lodged their nest egg in
safety, never return again to the nest
and, In case there is no will, their
heirs never know of the existence Of
the money so deposited.
Some time ago the state endeavored
to take these sums from the banks
and keep them as government trust,
but this action was successfully OPP
posed by the banks in court, their
credit being judged adequate security
for the trust. Now, no banks con
tinue to pay interest upon accounts
unless the owner appears and has his
deposit vouchers renewed at least
once every fifteen years.
In New York City there is man
familiar to bank officials whose sole
business is looking up heirs for these
unclaimed sums. He first ascertains,
by one way or another, what sums are
lying dead and have been lying for
yu,nhar IF vaarc and under what dir
cumstances they were originally de-
posted Then, by means unknown
only to himself, he finds the lawful
heirs. who gladly give a large com.
mission for the money so unexpected
ly falling TO them.
In England there Is no legal provi
sion for unclaimed bank accounts as
there is in this country and France,
where the law requires that every five
years all banking institutions publish
the names and last known addresses
OF owners of dormant or unclaimed ac-
counts. II has been estimated that
In chancery, the Bank of England and
the thousands of private English
banking houses there is total sum OF
over 100000 unclaimed The
thought Of so much wealth lying un-
used, unowned, unsought for, has
driven many weakminded persons in.
TO insanity and given bank officials
many painful moments. An old man.
for instance. kept calling for many
years at a well known banking estab.
lishment asking to be paid certain
moneys which he declared had been
left to him. OF course 1t was all
delusion, but he would never believe
so, and after each denial would retire.
consoling himself with the imagina.
ton that as the interest was com.
pounded his money was every day in
creasing.
There are several well recognized
reasons why money often falls under
the category of the great unclaimed,
the commonest one being. strange as
Ii may seem. that the owner or de-
position has forgotten about it. Ii
would seem that dollars and cents
would be one of the last things in the
world that a person would forget, yet
in the 5000 or 5000 banks In Great
Britain today there are not few de.
positors whose accounts lie un.
claimed from this cause alone.
Not long ago an old and apparently
penniless woman, who had become In
capable by reason of age and In.
trinity, To care for herself, was re-
ceiyed at pooshouse. In removing
her wretched garments for new and
clean ones II was found that q crum.
pied paper was sewn into the lining.
investigation revealed bank de-
post receipt for 100 pounds. or about
$500, In the name of the new inmate
which dated twenty-five years previ
ously. The poor woman declared she
remembered nothing about It, and. in
fact, almost disowned 1t. Another
great reason that moneys lie un.
claimed is that the owner dies. the
receipt is lost and the existence of
the deposit is unknown to tho next of
kin.
An amusing incident in this connec.
ito was told by public bank of.
fee, who had been in the habit of ad.
yertising from time to time for lapsed
depositors having considerable sums
TO their credit One of these. an
aged spinster. was thought TO be dead.
but a few days after the advertise
ment appeaed she walked into the
bank and presented her receipt.
Hardly had she left the officer after
receiving back her voucher when a
young woman appeared and declared
proudly that she was niece of the
advertised spinster whom she now
called to represent. honestly believing
her 10 be dead. What do YOU want
10 Rnow?" inquired the official. "oh.
how much my aunt has left me-"
was the reply. Il can't very well
ten you that" replied the banker
but you can find out by asking your
aunt herself at No street" The