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. For more info, visit ingdirect.com/unclaimedproperty.

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

Have you checked your safe deposit box lately?

If you’re like most Americans, you probably don’t keep track of every single one of your assets on a regular basis. But someone could grab that money right out of your bank - or even your safe deposit box - and it would be perfectly legal. State governments are trolling for low-activity bank accounts and seizing this “unclaimed property” for themselves.

The valuables go into state treasuries as revenue. How much are we talking about? As of May 2008, the 50 U.S. states are holding more than $32 billion worth of unclaimed property. Auditors who “corral” these cash cows get 10 to 15 percent as a reward.

It’s high time for legislators to recognize that a law intended to protect consumers is doing just the opposite. Legislators are literally banking on people losing track of their assets. Don’t let it happen. I encourage you to write your state legislator. Tell him or her that you’re not interested in donating your hard-earned funds and investments to state treasuries.

It’s your money. Make sure it stays that way.

Arkadi Kuhlmann
President & CEO of ING DIRECT

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