This Chump Is Stumped

I need the help of a math whiz here. My mother deposited $1.00 in a savings passbook in NYS for me in 1961 when I was in 1st grade. I was only there for a few weeks during the school season so she never had a chance to deposit anymore before we moved back to Ma. Now here's the trick, and I really have no idea, how much should that $1.00 be worth now? (55 years later) I just found the passbook and the bank has probably long since closed and/or bought out. But that money should be still out there somewhere.

 

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The State of New York has, or had, your money, depending on NY state law. What is it worth . Probably one dollar.

 

What was the interest rate?

 

The law allows banks to charge maintenance fees on inactive accounts. You may actually owe money on it. That would be my luck anyway.

 

That's the key question here. The interest rates on savings accounts changed along the way over the years so someone much smarter than I would have to figure this out.

 

They (banks) did not do that way back then. I know they do now as mine requires a minimum of $250.00 to avoid these fees. Somewhere along the line in time this account went back to the state treasury and is just floating around there. I found an old insurance policy of my Mom's that she had paid off many years ago, via an internet search, and it was in the state treasury. Took my sister and I about a year but we finally recovered it. It was for $20,000.00.

 

I've had some fun over the years using an inflation calculator (lots of them online, just Google "Inflation Calculator"). You can put in the starting year, starting amount, and normally, using the CPI, you'll get a current value.
Steve

 

Well with the rate of inflation a $1 in 1961 would be worth
$7.94 @ a cumulative rate of inflation of 693.8% rate in 2015.
That said $1.00 @ 54 years factor in the high interest rates of the late 70 early 80's, and the fact the bank had to keep a CPA on retainer for 54 years. You now owe the state of NY .
Who has your money somewhere in the neighborhood of
Just under$ 499,954.03.
And now since I googled all this I also found out they are offering a 15% finders fee to the party who can give them your location . Well ya got to love math...that 15 % comes to $74,933.1045 before taxes. Can we get this done before the next coin show?

 

OMG!! I was a 7 year old criminal for all this. Shut my Mouth!

 

I've reclaimed money from the state treasury. It was a couple of utility deposits. Once the state got them, they no longer gained interest. I don't know if that is State law or not.

 

They are still in business as M&T Bank! Google bank name and location.

https://www.hcsbonline.com

May be worth a call. TC

 

Tommy call right away,leave them a message..... tell them Paddy sent ya...... I wonder what on the auctions tonight????

 

Just sent them an email. Thanks for the link and I'll report back here, that is, if they don't think I'm jesting with them. LOL

 

First you want to turn me in to them and now you want to share in the possible booty? Just when I was thinking we were CT pals...LOL

 

Not sure if this would help:

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

 

What do you expect? He's too close to all of the sheisters on Capitol Hill.

Chris

 

I went to college just off the Hudson, beautiful area

 

It is indeed a most gorgeous area.........

 

I have a couple of passbooks from savings accounts my grandfather had when he was about 15 in the late 1930s, the bank, actually a trust, still exists but I bet the money is long gone.

 

http://missingmoney.com