Posted on 07/16/2013 3:14:16 PM PDT by Red in Blue PA
I just received my statement for my Cocal Cola DRIP plan today and at the bottom of the statement was something I had never seen on any of my financial statements ever before:
"SYAY ACTIVE! Access your account at least once a year via the web, IVR, or through the call center to reduce the risk that your assets will be turned over to state government as abandoned property"
Is this new? Because like I said I have never seen this before
Maybe selling is a good idea.
Is it an IV-drip or just a leak in the fridge?
If your making regular payroll deductions etc into the drip like I do there should be no inactivity. A purchase or investment into anything is “activity” ..... Multiple drips I deduct from my pay for are like that.... Activity is any transaction. In or out of the accounts....
My opinion...
What state are you in?
I have heard of some state officials confiscating contents of safe deposit boxes if the owner(s) didnt visit the box at least once per year...
This is not unusual just a reminder for you to keep your account active sending them few more $ does the same thing. After a certain time it is turned over to the state but you can still recover it your state should have a web site every year go up and put in your name and see if they got any old funds you forgot. I have an unusual last name several years ago I found insurance money for my grandfather who had been dead 10 years my aunt who was his executor recovered the money by filling out a few forms.
If so, perhaps you should designate the dividend for a share or two to be paid out to you instead of automatically being reinvested.
Just a thought.
I reinvest dividends but have not put any money into it for awhile.
>> After a certain time it is turned over to the state
That’s utter bullshit.
IF they cannot make contact with you, after a certain LONG time, under certain conditions, a bank or investment account may revert to the state. May. In some states.
There is NO WAY IN HELL they can confiscate your funds auomatically after ANY length of time without contacting you. If you’re getting emails/snail mails from them, and if they have your CURRENT contact information, you’re ok. THe takeaway is, always make sure they have your current contact information, and make sure your survivors/executor has a list of your accounts. If you keep your contact info current you have NOTHING to worry about.
My goodness, the loopy ignorant know-nothing lazy paranoia in some of the comments here is pathetic. Your securities account is NOT a freaking gift card! LEARN AND RELAX
We have a gangster government that considers private property to be immoral.
Ping for review.
I do the same thing in my DRIPS besides manually adding a few bucks to buy in all via Sharebuilder.
What I have is comical since I am rebuilding from 0 after a couple years of this “wondrous” economy where I have had to liquidate to stay alive.
Sorry to hear that. I have recently moved $$ into some more defensive names from technology. Do not trust this economy and think the bottom can fall out at any time.
What officials?
What states?
It is OK. I really don’t trust this economy either. Apart from a few technology, I tend to go towards energy and some other areas.
Actually with moving around limited time on mail forwards and increasingly electronic only communication it is relatively easy to lose track of small accounts especially as one becomes older and more forgetful. Even such things as partial refunds when one cancels an insurance policy will be turned over to the state but only to become the custodian of your funds til you claim them. The link to the Florida website : https://www.fltreasurehunt.org/
San Francisco resident Carla Ruff’s safe-deposit box was drilled, seized, and turned over to the state of California, marked “owner unknown.”
Read here:
http://abcnews.go.com/GMA/story?id=4832471&page=1#.UeXpFm1yWt8
Dont be so trusting of your benevolent government.
It happens.
http://abcnews.go.com/GMA/story?id=4832471&page=1#.UeXpam1yWt8
I never felt that comfortable there...
And got out.
I'd get control over your money.
Period.
Just got a letter telling us that our Ford Money Market fund had been designated as dormant and would be turned over to the government if we didn’t contact them. We have had the account for over 30 years and this is the first time this has happened. We use it for our emergency fund and very rarely use it. Something new?
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