Can you have nominees for online banks and online paying sites?
By mimpi
@mimpi1911 (25464)
India
November 27, 2009 5:12am CST
Something struck me as I was talking with my friend about online earnings and paypals, alerpays and moneybookers. I am not aware if any one of these do, but most I visit do not ask for nominee details to open an account with them.
So, what happens after us? Does the money go to the websites by default? Can anyone claim it? Taken the increasing amount of involvement on internet all over the world, don't you think, it would be a wise thing to introduce nominees for your online wealth? ![](/Content/images/emotes/wink.gif)
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4 people like this
6 responses
@balasri (26537)
• India
27 Nov 09
I got interested and tried searching for an answer to your inquisitiveness.I just got this information about Paypal.Will it be any help to you?
PayPal will not close your account 'one day'. After 1 year it will become inactive. Eventually, you'll receive an email regarding escheatment, which is a legal requirement, and is meant to help return your money to you. If the money can't be returned to you, it's turned over to the state. PayPal can not and does not 'keep' that money.
As an alternative, you can contact PayPal by phone, and as long as you verify that the mailing address on your account is correct, an override can be entered (and noted that you approved it) and a check can be sent out to your address, and the account closed.
Wishing you a very happy and peaceful lengthy life with this information.
-Bala
2 people like this
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@mimpi1911 (25464)
• India
28 Nov 09
Thanks Bala for digging through this. This is of much help. I think, that's good on their part to intimate before closing the account. One year is quite a time! And thanks for your wishes. I wish you the same. ![](/Content/images/emotes/happy.gif)
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@Sreekala (34312)
• India
27 Nov 09
Hi mimpi,
I don't think any online earnings are giving an opportunity to introduce a nominee. Your point is very much valuable if we can’t access the account then our money will not be useful to our near ones. But we can do something ourselves, not depending on the web sites. Please pass the information to a closed one so that they can access. We have to pass the login details.
What do you think?
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@mimpi1911 (25464)
• India
27 Nov 09
I think, active netizens do maintain spreadsheets of the account details the whereabouts which they also confide to their trusted people as well. Online networks run a risk of 'termination' which we take i our strides. But I was wondering what if something happens to us today and what if we haven't yet confided in the details of online transactions or what if we DONOT have anyone trustworthy to really disclose to!!??
So many ifs...![](/Content/images/emotes/lol.gif)
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@alokn99 (5717)
• India
27 Nov 09
It's a great idea,
and at the same time raises so many questions. As a tendency we tend to ignore it simply because we think that the earnings are low and we join sites keeping the risk at the back of the mind.
But then consider these facts. When sites like mylot pay us automatically, we let the amounts accumulate in paypal till it reaches an optimum before we request for payout. Now that can be quite a decent amount!. Then there are other sites where we can do tasks or forex trading where the amounts can be larger and there is no automatic payout.
Put all the millions together and that's a huge sum of money which may just be locked, untransacted and unclaimed.
Nomination or some form of facility to allow the funds may be one of the solutions. These are drven by unique user ids known only to the user.
Hypothetically if I were to get the user id and password and get to withdraw the funds on behalf of somebody, it would still get into the bank account of that person. That's only half the problem solved.
I think an option should be given to have an automatic withdrawal to someone we nominate for funds above a certain value , and a non usage of the account of a determined period of time. That's just my suggestion..
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@mimpi1911 (25464)
• India
28 Nov 09
That's well explained. Thanks for supporting my suggestion. I think the option wouldn't be a bad idea and lot of hassle could b avoided. But then, this is quite a task. The cyber laws are yet to be functional practically and without it nothing would be validated further. It's tough but not impossible. ![](/Content/images/emotes/happy.gif)
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2 people like this
@kalav56 (11464)
• India
28 Nov 09
Hi Mimpi,
I have thought of this and instead of breaking my head over this, I intend giving the password and userid to my husband and son.That is my only plan. Appointing nominee for an online site would be too much of a bother for me and I would save myself this hassle.I normally keep all my passwords also in a notebook and keep sharing this information to my husband.Right now my son is too busy to remember all this.
@mimpi1911 (25464)
• India
28 Nov 09
Trust me, I am not an internet tycoon but there are people who are.
There should be some kind of inclusion on beneficiary names while registering to bank accounts. But then, before that, we need to have a strict cyber laws. ![](/Content/images/emotes/happy.gif)
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