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 Top 10 Questions |
Products |
Managing My Money |
Security Guarantee & Privacy |
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Be careful. Someone might take your money right out of your bank -- and it would be perfectly legal.
Every state has what’s known as an "escheatment" or unclaimed property law, which requires businesses to hand over abandoned financial assets, including safe deposit boxes, savings accounts, stocks, and un-cashed payroll checks, to the government. The property qualifies as abandoned after a pre-specified period, which varies by state, of inactivity.
But we don’t want this to happen to you. Read below to learn how you can prevent escheatment.
Unclaimed Property (Escheatment)
What is escheatment?
What does "unclaimed or abandoned property" mean?
Why is this done?
What happens once the funds are considered unclaimed/abandoned?
Will I be notified ahead of time before the funds are turned over to the State?
What if ING DIRECT can’t reach an account holder?
How can I prevent this?
What if I have more than one account?
Does interest posting on the account show that I have not abandoned my account?
If I have a joint account holder and the joint logs in, is that enough?
What if one of the account holders is a minor?
How do I know if I have any unclaimed property?
What is escheatment?
Escheatment is the process of turning over "unclaimed or abandoned property" such as safe deposit boxes, savings accounts, stocks, and un-cashed payroll checks to the State.
What does "unclaimed or abandoned property" mean?
Property is classified as "unclaimed or abandoned" when a Customer doesn’t contact the bank where his/her money is held over an extended period of time and there has been no activity, such as deposits, withdrawals, balance inquiry or any other Customer initiated contact. This timeframe varies among States but in most cases is three to five years.
Why is this done?
All States have unclaimed or abandoned property laws put in place with the intention of returning unclaimed or abandoned assets including deposits, stocks, and items in safety deposit boxes to their owners.
What happens once the funds are considered unclaimed/abandoned?
ING DIRECT is required (under State laws) to turn over those funds to the State of the Customers last known address. To reclaim your funds, you would have to go through a process with the Unclaimed/Abandoned Property division of your State (which is something we’re hoping won’t happen). You can locate your State’s unclaimed property program contact information at www.unclaimed.org.
Will I be notified ahead of time before the funds are turned over to the State?
Yes. The Bank must make a diligent effort to contact the rightful owner. If the Bank is unsuccessful and there’s still no Customer initiated activity, the Bank must turn over the funds to the State, where your funds may no longer accrue interest.
What if ING DIRECT can’t reach an account holder?
If we can’t contact the owner and there’s still no Customer initiated activity, we must turn over the funds to the State, where your funds may no longer accrue interest and are no longer held by ING DIRECT.
How can I prevent this?
Simply contact us before your funds reach your state determined timeframe of inactivity when funds are classified as "unclaimed or abandoned". As a rule of thumb, we encourage you to contact us ONCE A YEAR one of the following ways (be sure to have your Customer Number and PIN handy):
Also, be sure to verify that all your information is up to date. Simply login to ingdirect.com and select the ‘My Info’ tab.
What if I have more than one account?
As long as you contact us one of the ways listed above, all of your accounts will be covered.
Does interest posting on the account show that I have not abandoned my account?
No, interest posting on an account is not considered Customer initiated activity.
If I have a joint account holder and they login, is that enough?
We encourage both account holders to each login at least once a year to be safe. That way, if you have any single or individual accounts, you’ll be covered.
What if one of the account holders is a minor?
Minors are also subject to the escheatment process, if there’s been no Customer initiated activity. The adult joint account holder must contact us one of the ways above to prevent the funds held in the account being shared with the minor from being classified as "unclaimed or abandoned".
How do I know if I have any unclaimed property?
You can search the National Association of Unclaimed Property Administrators at www.unclaimed.org to see if your State is holding any money which belongs to you.
Top
Every state has what’s known as an "escheatment" or unclaimed property law, which requires businesses to hand over abandoned financial assets, including safe deposit boxes, savings accounts, stocks, and un-cashed payroll checks, to the government. The property qualifies as abandoned after a pre-specified period, which varies by state, of inactivity.
But we don’t want this to happen to you. Read below to learn how you can prevent escheatment.
Unclaimed Property (Escheatment)
What is escheatment?
What does "unclaimed or abandoned property" mean?
Why is this done?
What happens once the funds are considered unclaimed/abandoned?
Will I be notified ahead of time before the funds are turned over to the State?
What if ING DIRECT can’t reach an account holder?
How can I prevent this?
What if I have more than one account?
Does interest posting on the account show that I have not abandoned my account?
If I have a joint account holder and the joint logs in, is that enough?
What if one of the account holders is a minor?
How do I know if I have any unclaimed property?
What is escheatment?
Escheatment is the process of turning over "unclaimed or abandoned property" such as safe deposit boxes, savings accounts, stocks, and un-cashed payroll checks to the State.
What does "unclaimed or abandoned property" mean?
Property is classified as "unclaimed or abandoned" when a Customer doesn’t contact the bank where his/her money is held over an extended period of time and there has been no activity, such as deposits, withdrawals, balance inquiry or any other Customer initiated contact. This timeframe varies among States but in most cases is three to five years.
Why is this done?
All States have unclaimed or abandoned property laws put in place with the intention of returning unclaimed or abandoned assets including deposits, stocks, and items in safety deposit boxes to their owners.
What happens once the funds are considered unclaimed/abandoned?
ING DIRECT is required (under State laws) to turn over those funds to the State of the Customers last known address. To reclaim your funds, you would have to go through a process with the Unclaimed/Abandoned Property division of your State (which is something we’re hoping won’t happen). You can locate your State’s unclaimed property program contact information at www.unclaimed.org.
Will I be notified ahead of time before the funds are turned over to the State?
Yes. The Bank must make a diligent effort to contact the rightful owner. If the Bank is unsuccessful and there’s still no Customer initiated activity, the Bank must turn over the funds to the State, where your funds may no longer accrue interest.
What if ING DIRECT can’t reach an account holder?
If we can’t contact the owner and there’s still no Customer initiated activity, we must turn over the funds to the State, where your funds may no longer accrue interest and are no longer held by ING DIRECT.
How can I prevent this?
Simply contact us before your funds reach your state determined timeframe of inactivity when funds are classified as "unclaimed or abandoned". As a rule of thumb, we encourage you to contact us ONCE A YEAR one of the following ways (be sure to have your Customer Number and PIN handy):
- Login to your account 24/7 at ingdirect.com.
- Call our Interactive Phone Service with 24/7 access at 1-888-464-7868.
- Speak to an Associate at 1-888-464-0727 from 8 AM to 8 PM, 7 days a week.
Also, be sure to verify that all your information is up to date. Simply login to ingdirect.com and select the ‘My Info’ tab.
What if I have more than one account?
As long as you contact us one of the ways listed above, all of your accounts will be covered.
Does interest posting on the account show that I have not abandoned my account?
No, interest posting on an account is not considered Customer initiated activity.
If I have a joint account holder and they login, is that enough?
We encourage both account holders to each login at least once a year to be safe. That way, if you have any single or individual accounts, you’ll be covered.
What if one of the account holders is a minor?
Minors are also subject to the escheatment process, if there’s been no Customer initiated activity. The adult joint account holder must contact us one of the ways above to prevent the funds held in the account being shared with the minor from being classified as "unclaimed or abandoned".
How do I know if I have any unclaimed property?
You can search the National Association of Unclaimed Property Administrators at www.unclaimed.org to see if your State is holding any money which belongs to you.
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