Tuesday, March 20, 2012, AM | 2 Comments
If you had account with a Federally Insured Credit Union and the institution has been liquidated, then National Credit Union Administration (NCUA)’s Asset Management and Assistance Center (AMAC) is responsible for paying the share accounts to the members. It just so happens that you may not have received your share of the deposit due to some items that may remain unclaimed.
- Some checks are never cashed
- The credit union’s address information was incomplete
- The credit union doesn’t have a recent address and are unable to receive a forwarding address from the post office
- While your account had money but was not actively used and the credit union was liquidated
What’s included in Unclaimed Property?
Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period.
Unclaimed properties are abandoned intangible assets. The abandoned personal assets can include, but are not limited to Stocks, Bonds, Dividends, Salary checks, Bonuses, Vendor checks and Insurance proceeds.
What happens to Safe Deposit Box?
Safe Deposit Box (SDB) contents and safekeeping items are turned over to the state, generally three years after the owner stops paying rent on the SDB.
If the owner does not claim the items during this time, the state may sell the contents at public auction within five years (check with your state.)
In some states, the Unclaimed Property department typically holds an auction every four years. When the next auction date is confirmed, some states will notify subscribers to their SDB Auction Notification service.
In almost all states, all proceeds from SDB auction are placed in accounts for the owners of the property that was sold.
Sale items at the SDB auction usually include collectable coins and currency, jewelry, pocket watches, sports cards, stamps, silver bars, and other collectables. Check with your state if it auctions land, vehicles, or most other tangible property.
How long the wait for phone call after mailing your claim?
Generally in almost all states, you may have to wait a couple of weeks after mailing your claim before calling the state’s Unclaimed Property customer service for information about the property you are claiming.
If you have the time and energy, you may want to do research for the Unclaimed Property you believe is in your name. Try it first yourself to look for the property before contracting with a third party.
In a Nutshell
If you want to check unclaimed property in a state among the 50 states plus District of Columbia (Washington DC) and Puerto Rico, you have a comprehensive list of all Unclaimed Property State Offices and Contact Links in front of you to benefit from.
There are some government and other organizations that can also help you finding Unclaimed Property. Check it out.