MIND YOUR MONEY
by Al Stopa, Creative Director

While gathering information for an article I initially wanted to place here about teaching children to save money, I had a flashback. Suddenly I was in San Diego with my mother at Great Western Savings and Loan opening up my first savings account. After some forty years, I couldn’t remember if I ever closed out the account. Was I rich? At even 1.13 percent interest, I was envisioning my early retirement in Aruba. I had to learn more.

Haunted by the question of how on earth I could have ever forgotten about something as important as a savings account, I began my quest to track down what was rightfully mine. Internet research revealed that Great Western was acquired by Washington Mutual, which was then acquired by Chase bank. No problem. I contacted them. They told me that if there hadn’t been any activity in the account for three years, a letter would be sent out, and if there was no reply, the money would have gone to the Unclaimed Property division of the California State Controller’s Office. But if I came down to the bank with an ID and my social security number, they said they could tell me if I were in their system. Of course I knew that there hadn’t been any activity and there would be no money for me at Chase bank, but I wanted to go through the motions just to see what I would learn.

Guess what I learned? I wasn’t in their system. So I went home and made an unclaimed property search. There I learned that my wife’s rich uncle has $306 waiting for him to add to his money collection. I sent him a quick email to let him know. I’m sure he’ll be thrilled, but as far as money just sitting there waiting for me … I learned that there wasn’t any. So either I did in fact close the account all those years ago, or some sneaky bank clerk has run off with my millions. Well … in theory … I could have had millions. Except for that ingenious little state imposed provision that makes sure nobody can plunk a little money into a bank and come back forty years later to claim a fortune. In this case, if you don’t work the money, the money isn’t going to work for you.

So in the end, I didn’t learn anything from this adventure about my money that I really wanted to know, but I did learn that parents should do more than teach their children to open savings accounts. They should also teach them to mind their money so it doesn’t go away, but grows until there is actually some savings accrued come retirement time. It’s just a cold, hard fact that nobody’s ever going to save money if saving money is the last thing on their mind.

Wait a minute! Another flashback! It was a joint account!! No wonder my mother never taught me to mind my money. I’m giving her a call. What time is it right now in Aruba?