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     Recently the state of California was sited for taking from their citizens safety deposit boxes.  What they were doing was this, if a person did not visit their safety deposit box within one year the state would go in and remove the money and apply it to be used in the state general fund! Poof.  It was gone! Jewelry, etc. was gone!

     Though the state was supposed to do due diligence for the people to see if they were at the same address or even look them up in the phone directory and contact them, California was not following up appropriately. The banks were following state regulations as required by law.

     Due to recent court attention, California is doing better at notifying their citizenry before removing safety deposit box funds. However, it still gives only one year.

     Americans for Decency contacted Arizona State Treasurer Dean Martin to ask what Arizona’s laws were regarding this issue.  Mr. Martin stated that Arizona gave three years.  If a safety deposit box had not been accessed for three years, they begin a search for the owners. If unable to contact anyone, they too remove the funds. 

     Be aware of your rights.  Do not simply monitor your accounts and boxes. Be active in the bank at least once a year to know that your funds are secure.  Check with your bank to know what the policies are regarding all accounts.

Ways to Protect Your Finances

·      It is always good to have at least $1,000.00 in savings to cover unexpected breakdowns in furniture, glass, car repairs, etc.  More is better.  That is a start.

·      Pay off your credit cards each month so when a financial setback occurs you won’t be left with immense bill pressure.

·      Many financial experts recommend having at least 6 months to a year set aside of finances for rough times.

·      When purchasing a home allot only one quarter of what you make to pay for the mortgage.  This way you will have enough to buy the items you need and put money away in savings.

·      Get a good term insurance to cover your wage earners.

·      If you are assisting your children with loans for college, get term insurance for them in the accidental event of their deaths. This then covers death and college expenses that can wipe you out.                     

·      Make a plan to pay off your bills. Start with the smallest first.  List them for your entire family to see, then go after them! Cross them out as you pay them off.  Make it a family activity.

·      You could also plan a vacation this way. This gets the family to involved.  It teaches your children financial responsibility and planning, and you are rewarded with a vacation all can take credit for!

·      Be prudent. Don’t over spend. Write up a budget so you know where the money goes.  In this way you will know how much is left over for play and other stuff.  Include in your budget things like electricity, mortgage/rent, furniture, clothing, auto gas, payments, auto repair, home repair, all credit card bills. Make sure these are listed first. Then vacations and fun stuff.

·      Planning is important for you to have a good future.

·      Pay into your retirement even if it is very little at first.

·      Get fired up. Pay off your mortgage by adding more money to your payment and writing on the bill that the extra payment goes to pay off the principle. This decreases the interest charges and makes your mortgage pay off faster with less interest payments at thousands less in costs!

·      Have a Trust or Will set up in the event of your death/deaths.

·      Give to nonprofit organizations.

·      By having these in place now when you are receiving a salary, when bad times come you are in a much better position to ride out the storm.

Riding out Bad Times

     Remember you are not alone. Everyone goes through tough times.  A wise preacher once said, “Tough times don’t last, tough people do.” So be kind, stick with it, and you WILL get through it.

     Most people now have more than one firm with whom they work during their lives. 

     Be kind to your friends and to everyone. Some have been recommended by people who admired their work even though the individual recommending was not close to them.