A couple from New York have had their savings account totalling $25k completely wiped clean by their bank due to the fact that the bank “do not retain records”.
Anna and Salvatore Russo opened a savings account with Chase Bank in 2002, and deposited $30,000 in the account, which was reduced to $25,000 shortly after they made a withdrawal.
But with the exception of that withdrawal, they hadn’t touched their bank account for years, in the hopes that they would collect interest on the money.
But when they decided to withdraw that money in 2014, it was gone. Anna Russo told CBS how she reacted when the bank told her that they had no record of her account. “I said, there’s got to be somebody in that bank that knows about my money, but nobody knows.” “They can’t explain it, and they feel that they don’t have any no obligation, even though we have a book,” her husband added, referring to their own documents.
Chase eventually revealed that they have a record of their first deposit but nothing else, which is why the money is gone. “We don’t retain records for more than seven years and the customers have not been able to provide any documentation that proves their claims.” So if you leave your money in a Chase bank for more than seven years, it ceases to exist apparently.
The Russo’s ordeal reveals another troubling aspect of the banking industry that most people aren’t aware of. Money that is left untouched for more than five years can be confiscated by the government. However, the bank is supposed to send you a letter before this happens, which the Russo’s never received. The government has no record of receiving their money either. It literally disappeared
It’s often been said that when you put your money in the bank, it no longer belongs to you. Now it can be said that when you put your money in the bank, it no longer exists.