{"id":157,"date":"2020-01-29T21:33:29","date_gmt":"2020-01-29T21:33:29","guid":{"rendered":"https:\/\/elevatedwallet.com\/?p=157"},"modified":"2020-01-29T22:35:04","modified_gmt":"2020-01-29T22:35:04","slug":"escheat-how-to-recover-your-unclaimed-funds","status":"publish","type":"post","link":"https:\/\/elevatedwallet.com\/?p=157","title":{"rendered":"HOW TO RECOVER YOUR UNCLAIMED FUNDS | Escheat"},"content":{"rendered":"\n

Every day assets are reallocated into the hands of the State.  This article will explain what escheat is, and how to claim your money.<\/span><\/p>\n\n\n\n

WHAT IS ESCHEAT?<\/span> <\/span><\/span><\/span><\/strong><\/p>\n\n\n\n

Answer: The reversion of property to the State. <\/span><\/p>\n\n\n\n

THE ESCHEATMENT PROCESS:<\/span><\/strong><\/p>\n\n\n\n

In the United States, each State collects “abandoned” or unclaimed funds from organizations.  <\/span><\/p>\n\n\n\n

Organizations (ie. banks, brokerage firms, companies) are required to report dormant accounts (even checks that have yet to be deposited) to the State.  <\/span><\/p>\n\n\n\n

Each respective State may specify “unclaimed asset” differently.  Some States may consider monies unclaimed within 5 years as abandoned (based on inactivity reported by the company) whereas another may define these dormant funds abandoned after 3 years.  <\/span><\/p>\n\n\n\n

As of January 2020, New York State alone has over $13 billion in unclaimed assets!  <\/span><\/p>\n\n\n\n

**Important note: These funds may not necessarily be in the State you currently (or have ever) live in – it is where the account is held.<\/span><\/em><\/p>\n\n\n\n

If you live abroad and have a brokerage account that was deemed inactive the funds would likely be escheated by the State where the company was organized (formed). <\/span><\/p>\n\n\n\n

HOW DO I CLAIM MY MONEY?<\/span><\/span><\/strong><\/span><\/p>\n\n\n\n