Assets: Keep Yours From Disappearing Due to Escheatment

Ignore your assets and they could disappear.

So you've put some money away. And you're just letting it sit there and grow. Or maybe you've stashed away some valuables in a safe deposit box. If you haven't touched either in three to five years, you may never touch them again. It's all because of state laws - called escheatment or unclaimed property laws - that require banks and brokerages to turn over unclaimed property, including un-cashed payroll checks, stock, bank deposits and more, to the State. Property is classified as "unclaimed" when a Customer doesn't contact the bank where his/her money is held over an extended period of time and there has been no activity.

The State government is then supposed to identify and contact the rightful owners, and reunite them with their property; however, each State has a "who's who" list of people who "couldn't be found" and whose property has been seized

Here's what you can do to avoid this:
Login to any online account at least once a year
For each bank account, make a balance inquiry, small deposit or withdrawal at least once a year
Cash or deposit checks when you get them
Use gift cards, traveler's checks and gift certificates promptly
Visit your safe deposit box at least once a year
Notify any holder of funds of an address change or a new name
Make a list of all your account information including retirement plans, insurance policies, trust payments, and brokerage or other accounts, and give a copy to a trusted family member or friend

You can search the National Association of Unclaimed Property Administrators to see if your State is holding any money which belongs to you at www.unclaimed.org.

A special thank you to ING Direct for this report.  www.ingdirect.com