Do you know what happen after you don't claimed your item from safe deposit box that you rent from bank? In United States, it will be auctioned by The State Treasurer Office. In a news I found via masslive.com, State Treasurer's Office shows off abandoned property up for auction on eBay, beginning yesterday. The items up for auction are all unclaimed property found in safe deposit boxes that has been turned over to the state by various banks. When the rent on a safe deposit box lapses, the banks will open the lock and seek to return the item to the rightful owner. If the owner cannot be found, the property is turned over to the state treasurer’s office, which takes over the search.
Photo by Republican staff Michael S. Gordon: Beatles watch.Some of the items that will be auctioned, what looked like a beat-up quarter with a hole in it, but was actually a George Washington funeral medal issued by the Boston Masonic Lodge upon the first president’s death in 1799. A Silver Beatles watch, a gold version sold for $230,000, this version is silver but still such a historical and rare item. Under the watchful eyes of two state troopers, members of the public could look over the several cases of rare coins and paper money, jewelry, watches, and assorted knickknacks that will be put up for auction. One case on display Thursday contained about $250,000 in gold and diamonds, and officials were hoping it would being in twice that at auction.
Photo by Republican staff Michael S. Gordon: Unclaimed paper money.James F. Roy and officials with the abandoned property division had several cases on display in the lobby of the Western Massachusetts State Office Building, 436 State St, as part of a one day stopover. From Saturday through July 1, the state hopes to auction off 2,500 lots of abandoned property, ranging in value from a few cents to as much as $70,000. Roy would like to bid on the medal, but can’t. As tangible property manager for the state treasurer’s office, Roy is not permitted to bid on anything in the auction.
What about Malaysia, are abandon safe deposit box items in Malaysia will also be auctioned? Do anyone know about this? This kind of auctioned will certainly something that I will not missed. But selling them on eBay will bring up some competitor for the bid.
Source: masslive.com
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2 comments:
It is sickening after trying to save and preserve wealth the state treasurer takes it and auctions if the person is not found. What happens if they sell and then later the family wants it? Not good. It was interesting reading your post on safe deposit boxes and privacy.Eveything now is privacy and security. I would think personally a safe in ones house is more secure. No one can ever open it and no one knows you have it. That is my personal opinion. btw I have discussed this on this page. http://opinion.ezwingame.com/topics/are-safe-deposit-boxes-really-safe
Before providing you the safe deposit box services you have to sign an agreement in which there are rules and regulation of the firm. Beyond that rules no service provider will sell your valuable things from that safe Deposit Box.
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