Thanks for voting!So you put some money away awhile back. And you’re just letting it sit there and maybe it’s even growing a little. Or maybe you’ve stashed away some valuables in a safe deposit box. If you’re like a lot of us, you may have moved a couple of times and forgotten about it. If you haven’t touched any of this stuff in 3 to 5 years, you may never touch it again. It’s all because of state laws – called escheatment or unclaimed property laws – that require banks and brokerages to turn over to the State unclaimed property such as un-cashed payroll checks, stock, bank deposits and more. Property is classified as “unclaimed” when a Customer doesn’t contact the bank or brokerage where his/her money is held over an extended period of time and there’s been no activity.
The State’s supposed to identify and contact the rightful owners, and reunite them with their property. But each State has a “who’s who” list of people who “couldn’t be found” and whose property has been seized. So what steps can you take to avoid this disappearing act? We can think of 7 important ways to “be an active Saver.” 1.) Sign in to any online account at least once a year. 2.) For each bank account, make a balance inquiry, small deposit or withdrawal at least once a year. 3.) Cash or deposit checks when you get them. 4.) Use gift cards, traveler’s checks and gift certificates promptly. 5.) Visit your safe deposit box at least once a year. 6.) Notify any holder of funds of an address change or a new name. 7.) Make a list of all your account information, including retirement plans, insurance policies, trust payments and brokerage or other accounts. Then, give a copy to a trusted family member or friend.
Every dollar you’ve earned whether it’s from income, interest, or wherever – it is yours to keep and yours to lose. Take an active interest in your cash- not only will it protect you against things like escheatment- but fraud and identity theft as well.
Tags: Escheatment, Saver, Unclaimed Property
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WE HAD AN ATTORNEY COLLECTING 275 BILLION IN ASSETS AND HE DISAPPEARED…PAID OUT FROM BANK OF AMERICA LAWSUIT FOR ILLEGAL ACTION AND TAMPERING WITH PERSONNAL AND BUSINESS ACCOUNTS AS JUDGEMENT FROM WASHINGTON DC COURTS.HOW DO WE TRACK HIM AND HIS ASSOCIATES FROM LASVEGAS?
I RECENTLY GAVE THE CASE TO MY HALF BROTHER HE’S AFFILIATED WITH POLICE /MILITARY/ FIREDEPARTMENTS
SECURITY SYSTEMS…BUT, IF THEY ARE NOT SUCCESSFUL WE HAVE OUR OWN PRIVATE INVESTIGATIONS GROUP…
DO YOU HAVE ANY OTHER SUGGESTIONS? HE COULD HAVE HAD A 2ND HEART ATTACK FROM PARTING TO MUCH…HOW DO WE TRACK HIM?
Pretty nice post. I just stumbled upon your blog and wanted to say
that I’ve really enjoyed reading your blog posts. Anyway
I’ll be subscribing to your feed and I hope you write again soon!
This is a good reminder. I learned about this a while ago but not to the extent this notice informed. Thanks, Anne
To hopefully prevent Identity Theft, I log on to my credit card, bank and investment accounts at least once a week. I check out each entry to be sure it is my obligation. I did find a $999. entry on a credit card and disputed it. Never heard it they caught the crook or not. Yes, I’m retired and have the time, but I worked hard those years to save for these “idle times”.
Small business owners tell you all the time to watch the small money - the big money takes care of itself. Essentially, they are saying watch your money or it walks!
You have to watch your savings, keep an eye on interest rates and educate yourself through sites like http://www.suzeorman.com and http://www.middleclassmoney.com.
Check out the person finance FREE Facebook group called “Live The Lifestyle Your Family Deserves.” Just search for the name “Live The Lifestyle Your Family Deserves” and click on “become a fan” for instant access to the free personal finance resources on saving, investing and building assets.
Thank you.
It is also a good idea to check with the secretary of state or other government agency charged with administering the escheatment program in every state in which you or your family have lived or may have set up an account. Many states, like Colorado, publish a list at least once a year, and also post it on their web sites, where you can search it by name. And don’t forget to look for assets that may have been due to a business you once owned, as this rule applies to business as well as individual funds.