Don’t let your assets disappear.
In a process known as escheatment (it even sounds ugly, doesn’t it?), State governments are seizing billions of dollars in what they call “unclaimed property” every year from Americans; more than $32 billion worth as of May 2008.
State governments classify property as "Unclaimed" when a Customer doesn't initiate any activity or contact the bank where his/her money is held over an extended period of time, usually between three to five years depending on the state. The State government is supposed to identify and contact the rightful owners, and reunite them with their property; however, that’s not always the case.
Now’s the time to take a stand - don’t let your money be taken and used by state treasuries. Write to your state legislators and make them aware of how a law that was intended to protect consumers is doing just the opposite. Tell them you want the law changed to extend the time accounts are considered “unclaimed.” And to require spending the money it takes to contact individuals to clarify if assets have been abandoned.
We’ve provided you with all the tools and resources you need to take action:
- Write your legislator – send our prepared letter as is or customize it with your personal viewpoints.
- Share your story – have you or someone you know been a victim of these unclaimed property laws? Help others by sharing it.
- Tell a friend – do you know someone who may be affected by these laws or interested in learning about it? Pass the information on.
Take action now and let your voice be heard - register and take advantage of this opportunity. It’s your money. You deserve to keep it.
TIPS ON HOW TO AVOID ESCHEATMENT
Simple steps to avoid losing your money to state unclaimed property laws:
- 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
- Visit your safe deposit box at least once a year
- Notify any holder of funds of an address change or 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 family member or friend
- Cash or deposit checks when you get them
- Use gift cards, traveler’s checks and gift certificates promptly
To learn more, visit ingdirect.com/unclaimedproperty.
Act Now!
Register now to view the letter and send to your legislator.