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

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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.
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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
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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.
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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. Use My Wealth Locker My Wealth Locker
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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. How
ever, 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.
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laimed-property- what-you-need-to-know-to-protect
-your-assets
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Contact Us
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Ontario, Canada Phone No 16476411456 Email m
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