Unclaimed Property: What You Need to Know to Protect Your Assets

It's natural to want to hold onto your hard-earned money. However, failing to maintain contact with your financial institution can lead to the unfortunate loss of funds.

In accordance with legal regulations, credit unions must transfer a member's assets to the state and classify them as "unclaimed property" if there has been no communication or account activity for at least one year.

Assets commonly categorized as unclaimed property by credit unions may include:

• Certificates of deposit (CDs)
• Items stored in a safe deposit box
• Balances in checking and savings accounts

Here are four ways to ensure your assets don't become unclaimed property:

Maintain a record of all your financial accounts.

To prevent your money from becoming unclaimed property, it's important to keep track of all your financial accounts.

The majority of unclaimed assets are left behind when people move to a new location and forget about their accounts or investments.

To avoid this, maintain a comprehensive list of all your financial accounts, including safe deposit boxes if you use them.

When you no longer need an account or storage space, withdraw all funds, close the account, and turn in the key to the box, if applicable.

Keep your contact information up-to-date.

Updating your contact information is also crucial. If you move or change your contact information, let your financial institution know so they can update their records.

This ensures that you receive all communication and helps locate you even if you move across the country.

Financial institutions might assume an account is abandoned and start the process of declaring it as unclaimed funds if they don't have your current contact information and haven't heard from you in over a year. It's worth noting that most financial institutions do not forward mail.

Prioritize credit union communication.

To address delays in unclaimed property, consider implementing proactive solutions.

One approach is to carefully review all communications received from your credit union, including letters, emails, and phone messages.

Promptly respond to any requests or inquiries to avoid being marked as inactive.

Failure to respond in a timely manner could cause the credit union to assume your account is inactive and initiate the process of declaring it as unclaimed property.

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Bottom Line

In conclusion, unclaimed property is a widespread issue that affects millions of people worldwide.

The consequences of losing track of your assets can be significant, ranging from financial losses to legal complications.

However, by implementing simple yet effective solutions, such as keeping track of your financial accounts, updating your contact information, and responding to communication in a timely manner, you can significantly reduce the risk of your property becoming unclaimed.

This is where My Wealth Locker works as the best solution for delays in unclaimed property. Get in touch with us today.