Inactive Bank Accounts - Can the government take them?

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this sounds crazy as hell to me and I can't fathom why something like that would be true...

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It sounds perfectly logical to me. The bank is obligated to try to contact the account holder but if all efforts fail it is treated as unclaimed money. Why do the work to maintain an account, send statements, etc. that nobody wants?

The government gets the money because who else would? It isn't a confiscation, it's closing out an account nobody had interest in maintaining.

I just got $120 last week of my unclaimed property because of a thread like this not too long ago