I thought I closed out that account years ago?
People are often surprised to find additional shares exist. There are many reasons: poor accounting, stock splits near the time of liquidation, miscalculation of the number of shares, etc.. Some knew of shares in existence but thought the value wasn't worth the effort to locate them, and yet others simply forgot about the shares.
What happens if my claim is denied or incomplete?
An incomplete claim will be denied and will reset the clock to get an approval. Therefore, we work together to get everything done correctly the first time. We will be in constant contact via emails, and if needed (or preferred) - phone calls, verifying all support is compiled and accurately filled out prior to submission. As we are not paid our commission until you receive your refund, we want all claims to be accurately filed so they can be approved and paid without any delays.
How did my old shares get "closed" without my approval?
US laws (which are designed to protect consumers) forbid any financial institution from perpetually benefiting from assets that sit in their possession when there is no communication or contact with the owners. After a period of typically 3 to 5 years, depending on the asset, these institutions are required to turn over the account to a government agency for "safekeeping."
How long will it take to get a refund of my account?
The times vary by jurisdiction. Though a few repositories of unclaimed accounts will issue a refund in under 3 months, the majority take a minimum of 6 months to review and approve a substantiated claim. Once approved, it may take another month for a cash account (Checking, Savings, Insurance payment) and an additional 2 to 4 months for a stock account.
Why must I send paper documents for approval? Can't I upload supporting documentation?
Some repositories do have web-based , document upload capability. Others, including some of the larger holders of unclaimed accounts, require claims to be filed by sending in documentation directly to the approving agency. In both cases, an official claim form will need to be requested, and often notarized prior to submission.
Do I need to provide you with any confidential information?
No. Many repositories will not allow a POA (Power of Attorney) to be used because of false claim concerns. Therefore, we will guide you through the claiming process to preserve the integrity and confidentiality of your tax-IDs, Social Security Numbers, ITINs (Individual Tax Identification Numbers) etc.. In the beginning, we may need your address and birth-date to get the official claim forms processed.
What about taxes after I receive my refund?
Most all unclaimed assets are returned in full without withholding any tax. Please consult with your accountant or tax attorney to determine your specific taxable situation.
Why should I start this process now?
We never rush any client. However, it is your money that is being held and it is not earning you any interest or benefit. The approval process can be lengthy so there is no incentive to delay your claim. Also, while many holding agencies will keep funds indefinitely, here is a quote from a repository's website posted in May of 2017: "Treasurer/Tax Collector: Approval of a resolution declaring unclaimed monies held in the County Treasury to be the property of the County and transferring said unclaimed amounts to the County General Fund." Therefore, there can be a need to file a timely claim before an asset is contributed to a "general fund."
What if my old account is co-owned ?
Some old assets were opened as joint accounts, most often with a spouse. You must each file a separate claim for 1/2 of the asset. If you are still together and share a current address, you can file your claims together using the same supporting documents. If you are no longer together, you will need to file separately.
What about a deceased relative's property? May I claim that?
Short answer "Probably, with a but." Long answer "Maybe, with an if."
It all comes down to the definition of heirs (Rules of Intestacy) in the jurisdiction of the property. Here are general guidelines:
- A surviving spouse almost invariably receives at least half the decedent's estate. They may receive all if the decedent leaves no living children or grandchildren.
- Spouses and children typically share the entire estate if all are living. If a child has predeceased the decedent, their children — the decedent's grandchildren — will typically inherit their parent's share. Otherwise, they may not be entitled to personally inherit if their parents are still living.
- Parents and siblings are typically next in line, followed by aunts, uncles, nieces, nephews, and cousins. In some states, the decedent's parents may share the estate with the surviving spouse if he has no living descendants — children, grandchildren or great-grandchildren.
It was my bank account. I had it as an emergency. How could it have been closed?
Like a brokerage account, if there has been no contact between you and the financial institution, then after a period of 3 to 5 years the account would be closed. The funds will remain claimable, but it will take time (3 to 6 months depending where the account ended up) to substantiate your ownership and have your claim submitted, approved, and refunded.