If you haven't heard of this, every state treasurer has unclaimed property they keep for a number of years, while trying to get you to claim it. They post notices in a number of ways, local papers, etc. In my military career I have moved a number of times and was stationed in Illinois several times. A friend told me he had seen my name on the web site for found money. I checked and sure enough I was on their list 3 times. I followed up and received an eleven dollar state tax return from 23 years ago, one half of a joint savings account I had with my ex wife, and a number of shares of stock in a life insurance company that had gone public and could not pay me a dividend twenty some years ago. Not a fortune, but certainly better than a pointy stick in the eye. Check out your states web sites, and you may be a winner.
Cash Dash
- Thread starter rfawkes
- Start date
- Views: 2029
Junkman
Super Member
I have a small amount of money waiting for me in MA, but after checking to see how many hoops I needed to jump through, it wasn't worth the effort for so little. One of the requirements was send your original Social Security card along with the claim and they will return it. Like I trust the state government that has my money and claims that they can't find me, when I have filed a state tax return for the past 30+ years with them to return my card to me?????? /forums/images/graemlins/mad.gif /forums/images/graemlins/frown.gif
riptides
Super Star Member
It is NOT in the States best interests to find you. The FED however forces them to take certain actions to FIND you.
Some states are actually getting better at the claims process.
-Mike Z. /forums/images/graemlins/grin.gif
Some states are actually getting better at the claims process.
-Mike Z. /forums/images/graemlins/grin.gif
TheKid
Gold Member
This just reminded me to check with the wife to see if she sent the forms in for the money the state is holding for me. Two things under $50 and two over $50.
If you lived in Missouri you can check <font color="blue"> here </font> to see if they owe you something. The process is pretty simple. Print out the form from the website and send it and a coy of your drivers license in. For things over $50 I had to have the form notarized.
If you lived in Missouri you can check <font color="blue"> here </font> to see if they owe you something. The process is pretty simple. Print out the form from the website and send it and a coy of your drivers license in. For things over $50 I had to have the form notarized.
Richard
Super Member
- Joined
- Apr 6, 2000
- Messages
- 5,082
- Location
- Knoxville, TN
- Tractor
- International 1066 Full sized JCB Loader/Backhoe and a John Deere 430 to mow with
I presume most of you know this, but my understanding is the term is "Escheated" when someone turns money over to the state.
Something ironic about that word.
/forums/images/graemlins/tongue.gif
Something ironic about that word.
/forums/images/graemlins/tongue.gif
Junkman
Super Member
Tranlsated to "estate cheated".... /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif
slowrev
Elite Member
these sites have also been useful to find deadbeat dads and such /forums/images/graemlins/smile.gif
Ben
Ben
Phils
Platinum Member
This TBN forum can seem kinda spooky.
Within 15 minutes of my reading this thread and seeing the word "escheated" for the first time ever, I get a call from my broker referring to some stocks that I sent to him for transfer last fall that are now missing. They have been escheated to my state. I called the state, yes they have them and they are sending the claim form. I was told it'll take about TWO YEARS to get them back.
The broker's assistant that instructed me on how and where to send the stock certificates has been off for months with an injury. I guess at this time I have no recourse but to fill out forms and wait.
But it's still oddly coincidental that I first read about "escheat" here and within the hour I'm involved in it.
I guess I'll have to be more careful about which posts I read here, and avoid the ones that hint at tragedy.
Phil
Within 15 minutes of my reading this thread and seeing the word "escheated" for the first time ever, I get a call from my broker referring to some stocks that I sent to him for transfer last fall that are now missing. They have been escheated to my state. I called the state, yes they have them and they are sending the claim form. I was told it'll take about TWO YEARS to get them back.
The broker's assistant that instructed me on how and where to send the stock certificates has been off for months with an injury. I guess at this time I have no recourse but to fill out forms and wait.
But it's still oddly coincidental that I first read about "escheat" here and within the hour I'm involved in it.
I guess I'll have to be more careful about which posts I read here, and avoid the ones that hint at tragedy.
Phil
SnowRidge
Elite Member
<font color="blue"> I presume most of you know this, but my understanding is the term is "Escheated" when someone turns money over to the state. </font>
Escheat supposedly means to revert to the Lord of the Manor, or to the government when there is no legal heir. The states seem to have decided that they also get it if a bank account is dormant for some specified period of time, or if the true owner of funds can't be located. No death needed. /forums/images/graemlins/mad.gif
Fortunately, Uncle seems to have told them they can no longer keep it for themselves, but are now custodians until the rightful owner(s) can be located.
If you ever have to deal with an escheated financial account, you will find all manner of people trying to contact the legal owner with offers to get the money for you -- for a small fee, of course. If you receive one of these letters out of the blue, it's time to start checking the various likely states yourself. No sense giving someone else a cut. /forums/images/graemlins/grin.gif
Escheat supposedly means to revert to the Lord of the Manor, or to the government when there is no legal heir. The states seem to have decided that they also get it if a bank account is dormant for some specified period of time, or if the true owner of funds can't be located. No death needed. /forums/images/graemlins/mad.gif
Fortunately, Uncle seems to have told them they can no longer keep it for themselves, but are now custodians until the rightful owner(s) can be located.
If you ever have to deal with an escheated financial account, you will find all manner of people trying to contact the legal owner with offers to get the money for you -- for a small fee, of course. If you receive one of these letters out of the blue, it's time to start checking the various likely states yourself. No sense giving someone else a cut. /forums/images/graemlins/grin.gif
SnowRidge
Elite Member
It sounds like the stocks went missing for less than a year. In California, that shouldn't have triggered escheatment, if they should have even been escheated at all. I would want a full accounting of what happened, why, who, where, and how. Something doesn't sound right.
Phils
Platinum Member
I agree that something isn't right, as another "brand" of stocks went at the same time and they were transferred. I sent the stocks as directed to the broker. They obviously goofed up something. These stocks are in the name of a trust, and I am the new trustee since the death of my father. They only needed to change the name of the trustee. After further thought I called the broker but he hasn't yet returned my call (and it'll probably be next week until he does). I don't know that I can hold them responsible for damages as I don't know what the damages are, since we'll apparently get the stocks back eventually. After I question them more I expect I'll be closing the account with them at the least.
Phil
Phil
SnowRidge
Elite Member
From my own experience dealing with a nearly identical situation, also in California . . .
Be extremely careful filling out the forms. If there is even the slightest error, the state will send it all back to you. You then get to correct it and send it all back in, and it goes back to the bottom of the pile. It's just like starting over from scratch -- doubles the total time, at least.
This is true even if the mistake was due to sloppy or ambiguous instructions on the state's part, or if the escheatment was improper in the first place. It doesn't matter.
And they will not pick up the phone and call you to clear something up./forums/images/graemlins/mad.gif
Document everything. Send it certified or registered (I forget which is best) and get a delivery signature.
I need a beer from just thinking about that process. /forums/images/graemlins/crazy.gif /forums/images/graemlins/tongue.gif /forums/images/graemlins/wink.gif
Be extremely careful filling out the forms. If there is even the slightest error, the state will send it all back to you. You then get to correct it and send it all back in, and it goes back to the bottom of the pile. It's just like starting over from scratch -- doubles the total time, at least.
This is true even if the mistake was due to sloppy or ambiguous instructions on the state's part, or if the escheatment was improper in the first place. It doesn't matter.
And they will not pick up the phone and call you to clear something up./forums/images/graemlins/mad.gif
Document everything. Send it certified or registered (I forget which is best) and get a delivery signature.
I need a beer from just thinking about that process. /forums/images/graemlins/crazy.gif /forums/images/graemlins/tongue.gif /forums/images/graemlins/wink.gif
Phils
Platinum Member
Thanks for the tip, Snowridge. I get more pi**ed the more I think about it, so I'm heading home now .... your beer suggestion has merit.
I will document carefully and record everything (doing that is much of what I do as an insurance agent anyway).
CU all next week.
Phil
I will document carefully and record everything (doing that is much of what I do as an insurance agent anyway).
CU all next week.
Phil
Phils
Platinum Member
Well, I asked some questions this morning but got few answers:
How/why did this happen? (they don't know)
What systems are in place for stock certificates, as these were turned over to the state by the transfer agent last November and this national financial services firm didn't know about it until I started asking a month ago? (they are checking on that)
What happens to any splits/dividends while they are in possession of the state? (they don't know)
Will I be receiving a letter of explanation/apology? ("of course!" but why do I think the letter won't come that easily?)
This looks to be the beginning of an ordeal I could've done without.
Phil
How/why did this happen? (they don't know)
What systems are in place for stock certificates, as these were turned over to the state by the transfer agent last November and this national financial services firm didn't know about it until I started asking a month ago? (they are checking on that)
What happens to any splits/dividends while they are in possession of the state? (they don't know)
Will I be receiving a letter of explanation/apology? ("of course!" but why do I think the letter won't come that easily?)
This looks to be the beginning of an ordeal I could've done without.
Phil
MicroPilot
Veteran Member
Heres a link to a site that several states are cooperating in running to return unclaimed property.
missingmoney.com
missingmoney.com
SnowRidge
Elite Member
You have my full sympathy. When I went through it, the state paid interest on the money. It wasn't quite market rate, but it wasn't too bad, as I recall. I have no idea how they handle stocks, though.
Depending on how much money is involved, it might be worth discussing your situation with an attorney. It never hurts to know what your rights are in these sort of instances.
Depending on how much money is involved, it might be worth discussing your situation with an attorney. It never hurts to know what your rights are in these sort of instances.
Phils
Platinum Member
I may discuss it with an attorney, but first thing will be to just ask this financial firm to "fix it". I'm inclined to believe that since it's gone to the state they won't be able to. I hope I'm wrong.
With an attorney, there would need to be a provable loss, wouldn't there? Other than hassle and fees, I don't see where I could prove such a loss. Since the state has acknowledged possession, and since I have all the legal documents establishing ownership, it will likely just be a matter of (a long) time before I get the stocks back. They will likely be worth more then too.
It sounded on the phone this morning that I caught this registered rep with his pants down. I'm suspecting the fault lies with the assistant that isn't there now, but as the buck has to stop somewhere I'll likely be asking to speak to his superiors. Unless he calls and says "it's all fixed, sorry for the mistake".
Phil
With an attorney, there would need to be a provable loss, wouldn't there? Other than hassle and fees, I don't see where I could prove such a loss. Since the state has acknowledged possession, and since I have all the legal documents establishing ownership, it will likely just be a matter of (a long) time before I get the stocks back. They will likely be worth more then too.
It sounded on the phone this morning that I caught this registered rep with his pants down. I'm suspecting the fault lies with the assistant that isn't there now, but as the buck has to stop somewhere I'll likely be asking to speak to his superiors. Unless he calls and says "it's all fixed, sorry for the mistake".
Phil
SnowRidge
Elite Member
I'm not suggesting you have to sue. I'm just suggesting that it may be worth paying $150 -- 200 for an hour of the right kind of attorney's time to make sure that you know what your rights, responsibilities, and options are. For myself, if it was a significant amount of money, I would pay a few bucks to get a professional legal opinion.
Phils
Platinum Member
Thanks, Snowridge. My accountant used the term "sue" when I told him of this, and "sue" is what I usually associate with attorneys. Your suggestion is appreciated. Depending on what the broker says in his next call, I may be looking to pay a couple of hundred dollars to find out our rights and reasonable expectations.
I don't fault anyone for making a mistake. It's always how the mistake is handled/corrected that means more to me. Maybe it'll all be corrected painlessly and soon.
Phil
I don't fault anyone for making a mistake. It's always how the mistake is handled/corrected that means more to me. Maybe it'll all be corrected painlessly and soon.
Phil
Here are some similar links:
