Legal Question in Banking Law in New Jersey

Loss of IRA Funds due to loss of account info when BA acquired UNJ bank

I established two IRA's (my wife and

I) $2000 each on 3/1983 with

United Jersey Bank.

We moved after a year (had a

forwarding address) and did not

receive any notice from the bank

about the acounts. We put the IRA

statement books in a lock box and

promptly forgot about them. We

closed the lock box after 20+ years

and found the statements.

I wrote to UNJ bank but the bank

had been assumed by Bank of

America. Bank of America told me to

write to Trenton, NJ Div of unclaimed

property for reconciliation of the

accounts. I received back from the

State of NJ Dept of Banking in

Trenton a letter stating if I these

efforts yield no resolution, the Dept

recommended I pursue matter

through legal counsel and promptly

closed the file.

Question: how to proceed with legal

counsel given IRA's would grow 10-

15X/ea with compounding after 26

years and BA did not notify us of

them acquiring UNJ?

We still have statement book and

proof of establishing two accounts


Asked on 1/08/09, 4:07 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Loss of IRA Funds due to loss of account info when BA acquired UNJ bank

The bank merger should not change the outcome of the matter although it will make it more difficult to resolve. The bank is responsible for the amount due unless it can prove that the money escheated to the State. So, the burden is on the bank to show that the State has the money. Once it is established who has the funds, getting a turnover should be easier.

My firm handles matters of this type. If I can be of further help to you, call or email.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 1/08/09, 11:08 pm


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