What is escheatment?
Escheatment refers to the mandatory process of turning custody of abandoned assets or accounts over to a state authority. The amount of time each state considers assets abandoned varies.
Why does escheatment happen?
All states require financial firms to report and remit client accounts with undeliverable addresses or no sign of client activity after a state specified period of time.
How can I prevent my assets from being escheated?
While Ameriprise makes every effort to locate clients to remove them from the escheatment process, this can easily be avoided by keeping your accounts and personal information current. Regular contact with your financial advisor, logging into your account on ameriprise.com, calling our client service center, cashing checks in a timely manner, and settling all beneficial claims promptly, are the best ways to prevent your assets from being escheated.
Where do my assets go?
Unclaimed property assets turned over to the state are held for their rightful owner to claim. Each state holds and uses the assets in accordance with their individual state statutes.
How long do I have before my assets are escheated?
Escheatment is a process that may take several years, as determined by your last known state of residence and the state’s specific rules regarding escheatment.
Where can I get further information regarding the escheatment process?
- Your applicable state website