No. It is a long standing practice. But it is the Gov trying to steal your money.
Is this the first step in the rumor about the gubmint taking the IRAs?
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No. Just do the transaction as required.
Same thing has happened to me a coup[le of years back. (Illinois)
No. But now that you have contacted and talked to the mutual fund company, they should NOT be turning it over to the state, in my opinion. Call the office of your secretary of state, and see what can be done to stop this process.
If it DOES get turned over, there is usually some minimal paperwork to “claim” it back, but better to not have to go through that, if it can be avoided.
Send in a check for a penny once a year. Bastards!
Which State? Name and shame it!
> We were just informed that the state is getting ready to seize the account because it is considered abandoned. <
I’m curious. How were you informed? Did the state send you a letter? Or was it the mutual fund company?
Anyway, this whole thing is outrageous. Any kind of “escheatment” should require - at a minimum - a death certificate, then a five-year waiting period.
Every state has a claims department if it should get there. There is no fee to get it. The shortcoming is that if it is an interesting bearing account, it will not accumulate.
Straight up theft of the highest order. Only slightly less evil than property tax and Idi Amin.
My old forgotten stocks went to the state. Not a problem getting them back.
You should go to your state website and search your name. Sometimes people move and they can't find you and so there's no notification.
Remove $100, then deposit it back after 30 days.
Do this every 5 years.
And if you’re concerned the state will follow through in spite of these actions, simply cash it out.
Then start a new account.
This stuff is not complicated.
Nope. This has been around since the sixties
No, depending on which state you are in, they have been stealing people’s assets like this for a long time. I’ve read stories about the State seizing people’s stock holdings that were using the dividends in retirement, and they couldn’t get it back. California used to be really bad, I don’t know if they have reformed. There have been websites set up where you can look up unclaimed assets.
I had the same thing happen to me with a saving account that was attached to a checking account that I use constantly. I didn’t make any deposits or withdraws from the savings part for about two years and I received a letter saying the money would be confiscated soon if I didn’t respond.
We live in corrupt society. Criminals in corporations and government have taken away our rights. There is no justice in our civil legal system, it’s simply judgments for sale to whoever pays more money into the corrupt lawyer/judge network.
Look at Civil Forfeiture. Blatantly un-Constitutional government theft that Congress refuses to take action on despite public outrage for well over ten years.
This was posted a few days ago in FR:
http://nypost.com/2017/11/06/a-chilling-tale-of-how-easy-it-is-for-banks-to-lose-your-money/
In NC if a customer is owed a refund say cable bill and cable company can’t locate the customer it is sent to the Escheat fund to earn interest for the Gubs until you reclaim it. Same with “abandoned” accounts. You will get it back but the State wants to earn a little interest on your money.
Obama already took care of that, at the G20 Australia Summit, before he left office! ALL leaders at G20 Summit signed away all savings and monies after a certain amount, which I think is close to 80,000 pounds (Euro$), so maybe $100000 USA.
Zero Hedge wrote an article, among others, after the Summit which should have gotten a lot more attention. The leaders signed an agreement with banks, that another crash like 2008 would make all monies above that amount, BANK ASSETS! Which means they can take it, and not give it back!
You can go to Zero Hedge and look for archived articles for that G20 Summit in Australia and Bank Assets agreement. I don’t remember the name of article but I sure told all that I knew about it! Does it include 401Ks? I think so, but not 100% sure, it was a few years ago ,2014!
Here is one link on it, however Zero Hedge article was real clear!
http://www.thecommonsenseshow.com/2014/11/16/the-money-in-your-bank-account-was-stolen-this-morning/
My very elderly mother had a couple of accounts turned over to the state for inactivity but it was quick and easy to get the money back.
Check with your state regulator, or your local state representative. They love to help with these things. Find out the necessary reason to consider your property abandoned. Every state is different, but in many the trigger is returned mail. The fact that you've contacted the fund may be all you have to do, but find that out. Or it may not. The underlying concept of these laws was to protect the owners of lost or abandoned property, or their heirs. Most states have websites of these accounts, and I've know of state representatives who take the lists and inform their constituents of these lost accounts. Of course once there, the state gets to use your money for free.