Newspapers / The Charlotte Post (Charlotte, … / Aug. 6, 1981, edition 1 / Page 16
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I Howto 1 I get the most I | from your bank | DORMANT ACCOUNTS ..i. _ By Steve Brown The last thing you as a bank customer want to do is give hard-earned money to the state. Nor would you like to see your savings or checking account dwindle because of maintenance fees. But that is what could happen if your accounts become dormant. An account becomes dormant after there has been no deposit or withdrawal activity for a certain period of time, usually two to five years depending on the account balance. After that stipulated period has elapsed, and that time may differ from bank to bank, the dormant accounts are identified and kept separate from active Steve Brown accounts, inis procedure removes inactive accounts from the work that must be processed everyday, and helps bankers monitor the accounts for protection against fraudulent use. Once a savings account becomes dormant, most banks will attempt to notify the depositor. Perhaps the depositor simply forgot about the account, or has died, or maybe moved out of state. The notification will inform the customer, or heirs, that unless there is a customer-initiated activity within a required time, maintenance fees will be charged. There are several alternatives available-to the customer: 1) reactivate the account by making a deposit, 2) transfer the balance to an active account, 3) close the account or, 4) leave the account as it is and pay the maintenance fees. Some banks may have a cut-off point above which no maintenance fees are charged. For example, a bank may not charge maintenance fees on a dor- ✓ mant savings account of $100 or more. Accounts below that amount are often subject to a charge because the income earned from such small amounts does not offset the expenses. The amounts charged are usually small—about $1 to $3 per quarter—but they can delete an account over several years. Under North Carolina law, accounts which are dormant for five years are escheated to the state, where they are held for seven years. During this seven-year period, account holders have a right to reclaim their money from the state. Money not reclaimed goes into the state’s education fund. Some banks elect not to pay interest on dormant savings accounts. Other banks continue the pay ments which prevents them from becoming totally inactive and protects them from escheatment. In either case, it’s in your best interest to take care that your accounts do not become dormant so that your funds will be available when you want them. Sieve Brown, a banker for six years, is manager of Wachovia and Tr.„ C*** ^ Atlanta Becomes City Of i ne uiy ot Atlanta necame the City of The Jacksons last week when the group performed at a benefit- concert for the Atlanta Children’s Foundation and raised nearly $100,000 in its behalf. The CBS Records recording art ists appeared at the Omni Audito rium before an SRO audience which included the Mayor and Mrs. Maynard Jadcson, Julian Bond, Ciretta Scott King. The Commodores! Lionel Ritchie. Gladys Knight and basketball's ‘ ‘‘Magic’’ Johnson. Telegrams expressing support of the Foundation and The Jacksons’ noble gesture were sent by such celebrities as Diana Ross, Richard Pryor, Kenny Rogers and Neil Diamond. Brimming over with the custom ary Jacksons' high energy and intensity, the concert was accentu ated by clever displays of lasers, explosive and other special effects. During one segment of the show, Michael Jackson momentarily vanished off the stage and then suddenly reappeared to the delight Long Driving Championships To Be Broadcast ABC Sports will cover the finals of the seventh annual "National Long Driving Championship” from Atlanta Athletic Club (AAC) in Duluth, Georgia, August 9, on WSOC-TV, Channel 9, at 3 p.m. Live coverage of the final round of the PGA Championship begins at 3:30 p.m. Twenty-nine of golfs long-drive specialists will advance to the semifinals to compete for $25,000 in purse money, including a $10,000 first prize. A total of 16 players will advance to the televised finals, ( including eight qualifiers from the semifinal round, the top three < finishers from the I960 “National Long Driving Championship," and the five players with the best driving on the PGA tour. Scott DeCandia, who won the 1980 championship with a drive of 295 yards, 18 inches, will return to defend his title. Jeff Jones, last year’s runner-up, and Dan Pohl, who placed third will also be there. Fred Couples, Tom Purtzer, Fuzzy Zoeller, Dana Quiqley, and Dave Eichelberger, the other top drivers on the PGA tour, will compete also. Hair Original Beauty Center J u imo Health & Fitness . down & trim up” , f August 6,7,8 —for— Classes $20.00 Children •Teens & Adults .forl0wcelo, _10% OFF WITH THIS COUPON Back To School Specials (done by selected hairstylist) | At Great Price Reductions I Monday: 9:00-5:00, Tuesday-Friday: 9:00- 11:00p.m. Saturday: 8:00-2:00 I 2626 N. Graham St. (Hutchinson Shopping Ctr.) J - j of the astonished audience, many of whom were underprivileged children invited by CBS b behalf of the group. At a brief post-concert press conference. Mayor Jackson pre sented the young superstars with the City’s highest honor, the Gold Medal Award. The Jacksons also received plaques of appreciation from representatives of NARAS Atlanta chapter, ACF, and the Police Athletic League. During the conference, The Jacksons presented the Mayor with the check for the Foundation which oversees such programs as job training and placement, and supervised recreational activities for the city’s underprivileged children and their families. LeBaron Taylor. CBS Records Vice President of Divisional Af faire, noted later that the con cert’s success “...paid tribute to The Jacksons’ and CBS Records’ commitment to youth, particularly the disadvantaged.” The Jacksons had not performed in Atlanta for nearly two years and their return was long awaited More than lt^Rko fans greeted the young superstars upon their arriv al at the city’s airport. The group completed its last major tour in 1978 and will con tinue on its national tour through out the end of September. Manager:. Deborah Clawson Ron’s Grocery 3241 Drenan 332-4024 Manager: Kenneth Clatcson - Special This Week■■ —■ Mickey Beer 2.69 Nehi six pack 2 liter .99 A uni Martha’s Bread 21.99 16 Oz. Pepsi .35 plus deposit Hot Dog & Ham burger Rolls Grian & White 2/. 99 These are just some of the specials, just come by and see for yourself. -Grier Height Community Hours- Mon. Thru Thursday 7:30 to 11:00 Fru&_Sat^7j30 to 2:00 Sunday 8:00 to 11 ;0Q I I I ' | NIGHT CLUB ! Mixed Beverages | Serving The Community With LiveEntertainment Weekly Ladies9 Lock-tip Every Thursday Night Free Sipping From The Bar Until Midnight I Coming Soon, ALL MEW VIDEO SLIDE SHOW Mow Accepting Memberships Ages 21 And Over 1527 W. Blvd. HOTLINE: 332-5492 The only thing missing from the Galaxy is YOU!” L 5pfn 5 Days' Wed -Sun., 10:00-3:00 4
The Charlotte Post (Charlotte, N.C.)
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Aug. 6, 1981, edition 1
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