Don't Leave Money Unattended

When I moved back from NZ I waited to close out my bank account there. I was waiting for some money to come back (and by some I mean around $1000), and couldn't close it out until then. So I set up with the nice teller to close it when the deposits came in.

Which of course, I then forgot about. This was 2007.

A couple of days ago I found my bank card from NZ and wondered- had that money ever actually transfered? Had it been lost? Was it (long shot) maybe still waiting for me over there?

No, Yes, No.

In NZ, it seems, after a set period of time without any use, they can close out the account, publish something in the paper, and I guess claim the cash. While there might be a way to get it back, I doubt it.

The thing is- This is not a NZ only thing. I'm sure that at least one of my accounts over here does the exact same thing. In fact, one account I don't think *does* do this might have been closed down because I never updated my address. Why did I never update my address? They required that I either come in person, or mail them a physical letter. Since the bank is in NY and I am not, that never happened.

That one I probably *could* fix with just a phone call or two, actually....

The point here? Forgetting to follow up with banks, even when it's pretty uncomfortable, or takes a bit of effort, can be seriously expensive.