Shocked in Waconia. Bank Closes 13 Year-Olds Bank Account Why?
A family in Waconia is looking for answers from Old National Bank. Jennifer Luedloff and her husband opened a savings account for their daughter, Paige, when she was a baby. Now they're left wondering why the bank would close the account without prior notification and send the money to the State of Minnesota.
Over the years the parents would make deposits into the account for birthdays and holidays. When Paige won a few hundred dollars at a fishing tournament they deposited that as well.
They did get a letter, but that was to tell them that the account had been shut down due to 3 years of inactivity and that the money had been sent to the state. Seems like inactivity on a checking account is one thing, but savings accounts are meant to sit and hold money aren't they?
Regardless, now the family is being told that if they want the money back they'll need to use the states unclaimed property website to try to get that money back. The bank did offer a $100 gift card in reparation but Paige declined the gesture since that is a lot less than what was in her account.
It's a waiting game now as they go through the process of trying to get their money refunded from the states unclaimed property website.
If you've never done it, it's a great idea to check the states unclaimed property website every few years. It's a simple search of your name or any business that you may have owned. It's provided money back to thousands of people, some of whom didn't even know they had money coming. You can check that HERE.