Escheate
Hi Terry, No question...just thanks for the WGN (Escheate) segment this week. Looked at some of my stuff and noticed Merrill Lynch did send me a letter in 2014 about inactivity and that they follow up every 3 years. Traced out for myself in 2017 in case I don't hear from them. Denise
Terry Says
This is a reminder to everyone to check out the latest article at TerrySavage.com. It deals with the ability of the state to take over "abandoned" accounts through a process called "escheat." And if you have just been reinvesting dividends in an investment account for years, with no purchases or sales, or changes of instructions or address, this could happen to you!! Each state has is own escheat laws -- and in most states just three to five years of inactivity could trigger an escheat!
