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Thread: PSA: I am alive for the next three years

  1. #1
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    PSA: I am alive for the next three years

    Public service announcement: I have a saving/checking account at a bank I never use. I keep a few thousand in the account so no fees. I keep it just in case wells fargo gets hacked for a few days and I need money NOW.
    The PSA is to move money every year on your birthday. If you forget and wait three years they send a letter asking if you are dead. Then you have to make a special trip and go in and prove you are who you say you are and you are still alive. They will not take your word about this, you need proof.
    I do it around my birthday so I remember. First I have to hunt around and find the ATM card and remember my password. So it takes a day of planning before I go.
    Bill D

  2. #2
    I wonder if accessing your account through the web will be sufficient, even if you don't move any money. Did you try that?

    I have an account like that - one I keep for a particular reason but don't move any money or pay bills from that account.

    Mike
    Go into the world and do well. But more importantly, go into the world and do good.

  3. #3
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    Why not just go online and set up an ACH transfer to move money from one bank to another, then move it back at a later time?

    You can schedule an ACH transfer of $200 from bank A to bank B on the 5th day of odd numbered months, then schedule an ACH transfer of $200 from bank B back to bank A, on the 5th day of even numbered months.
    "Life is what happens to you while you're busy making other plans." - John Lennon

  4. #4
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    I like Rich's plan, but you might have to adjust it depending on your particular bank's account rules. I have a high-yield savings account that severely limits your transactions per month with a max total per year. I think setting up for quarterly transfers could accomplish the same thing though.

  5. #5
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    We had this issue with a parent's CD. It just kept rolling over for > 3 years and they considered that to be "no activity".
    < insert spurious quote here >

  6. #6
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    Quote Originally Posted by Stan Calow View Post
    We had this issue with a parent's CD. It just kept rolling over for > 3 years and they considered that to be "no activity".
    Reminds me of the time I had a $10K CD with a fixed interest rate, that is, the rate never changed as long as I never cashed out the CD.
    This was back in the 80s. The Prime Rate a had hit 21.5%, on December 19, 1980. The fixed rate was about 12%. Variable rates were as high as 18%
    Two or 3 years later the bank was contacting me every 6 months asking me if I wanted to cash out the CD. I'm sure you can guess that my answer was always NO.
    Not quite a "no activity" situation...
    "What you see and what you hear depends a great deal on where you are standing.
    It also depends on what sort of person you are.

  7. #7
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    When I was handling things for my parents I set up a $100 recurring transfer from checking to savings and back to trick one of their systems. Worked until I closed their accounts. I do something similar at another institution for the same purpose. Still working.
    "A hen is only an egg's way of making another egg".


    Samuel Butler

  8. #8
    When i set up a flying club, the "reserve" account was set up like the OP's, except it was every year.
    The idea was to gradually accumulate money over years in the "rerserve" to pay when the engine or airframe was time for overhaul.
    I'd forget some years, and have to pay the (IIRC) $15 fee myself (because it was nobody else's fault or expense) and go down, show my face and do the paperwork.
    My eventual solution was to finally convince a younger, naive new member to take on the honors of being treasurer of the corp.

  9. #9
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    [QUOTE=Mike Henderson;3316632]I wonder if accessing your account through the web will be sufficient, even if you don't move any money. Did you try that?

    I did all this with their ATM so probably work online only. But I never set this up for online. I opened it up around 1975. and the bank has changed names several times. I have not touched it since the internet except for every three years. I keep it because it cost nothing and earns a low interest rate. I wa surprise that Wells Fargo the largest bank in the USA had nothing in Wisconsin or Minnesota. I seem to remember Chase bank had something back there.
    Bill D

  10. #10
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    Thanks for the reminder!

  11. #11
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    Like the scheduled transfer idea. I just have a reminder setup on my computer calendar to do an annual transfer on a couple of accounts.

  12. #12
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    Bill

    Why not move it to the mattress?

  13. #13
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    Quote Originally Posted by Bill Dufour View Post
    I did all this with their ATM so probably work online only. But I never set this up for online. I opened it up around 1975. and the bank has changed names several times. I have not touched it since the internet except for every three years. I keep it because it cost nothing and earns a low interest rate. I wa surprise that Wells Fargo the largest bank in the USA had nothing in Wisconsin or Minnesota. I seem to remember Chase bank had something back there.
    Wells Fargo has banks all over Minnesota and Wisconsin now since they merged with Norwest in 1998. I have lived in Minnesota my entire life and I never remember seeing a Chase bank here until recent years when Chase has built a few branches.

  14. #14
    Quote Originally Posted by Bill Dufour View Post
    Public service announcement: I have a saving/checking account at a bank I never use. I keep a few thousand in the account so no fees. I keep it just in case wells fargo gets hacked for a few days and I need money NOW.
    The PSA is to move money every year on your birthday. If you forget and wait three years they send a letter asking if you are dead. Then you have to make a special trip and go in and prove you are who you say you are and you are still alive. They will not take your word about this, you need proof.
    I do it around my birthday so I remember. First I have to hunt around and find the ATM card and remember my password. So it takes a day of planning before I go.
    Bill D
    Oh, I thought you got great PSA #’s from your Urologist and you didn’t need to reschedule for 3 years! ������
    Last edited by Ron Citerone; 05-21-2024 at 3:39 PM.

  15. #15
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    Quote Originally Posted by Ron Citerone View Post
    Oh, I thought you got great PSA #’s from your Urologist and you didn’t need to reschedule for 3 years! ������
    I had the same thought. Once a year for me. Re Wells Fargo they merged with/bought a pretty large bank on the east coast - I can't remember which one - in the wake of the 2008 financial mess.

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