In the past week or so there has been a lot of talk about the stability of the banks in our country and the security of our assets. I received a newsletter from the President and CEO of ING Direct, Arkadi Kuhlmann, that contained the following information which I would like to share with you.
"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 deposit 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 goverment 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 on line account at least once a year.
- For each bank account, make a balance inquiry, small deposit or withdraweal 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.
Remember, if you ignore your assets, they could disappear. You certainly don't want that to happen.
If you would like more information on this or any other organizing topic, please feel free to contact A BETTER SPACE. I will be glad to help.