These types of stock transfers can typically take 2-6 weeks for the transfer to be completed. Unclaimed Property Division staff are not licensed to trade or transfer shares, therefore, requests to sell or transfer are made to the Custodian who then processes the request. Unclaimed Property Staff will then send a Letter of Authorization (LOA) to our Custodian. Once your claim has been approved, you will receive a check for any unpaid cash, proceeds, dividends, etc. Upon successful transfer, you will begin receiving statements again from that company.Ī request to transfer stock shares back to the owner has been made by Unclaimed Property Division staff. Once the new account is established, the Custodian can then transfer the shares to the owner's account. In order to transfer the shares back to the owner, a new account must be set up (or re-established) in the owner's name. What is the process of returning mutual fund shares to their owners? (FINRA) can help you resolve a conflict with a financial services professional. In some cases, the Financial Industry Regulatory Authority, Inc. At the state level, to launch an inquiry, report potential fraud, or receive additional information regarding a securities entity or individual regulated by the Kentucky Department of Financial Institutions (DFI), contact DFI directly.
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You may also want to ask the company for information about how to best keep your account active. What recourse do I have?įirst, contact the company directly to ask for a copy of the due diligence letter and to ask why the company originally declared your account dormant or inactive. The company holding my stocks did not call me prior to transferring those stocks to the state. You may receive documentation from the transfer agent that will require your signature to open a new account. Once your claim is approved, the state will request the transfer agent to transfer the stock into your account. Due to SEC regulations, most stocks are transferred electronically and deposited into an account for the owner. Securities claims are not issued Stock Certificates any longer. For questions regarding taxes, you may need to contact a tax preparer, the Department of Revenue, or the reporting company or "Holder."Īm I entitled to any dividends or stock splits for my securities while they are being held by your office?Īny dividends or transactions that occurred while in the account of the state will be added to your property. The Kentucky State Treasury and its employees cannot provide legal or tax advice.
The Commonwealth of Kentucky does not issue 1099s. Stocks and Securities Will the Treasury issue a 1099 for these assets? The Kentucky Department of Insurance may be able to provide additional assistance.Each state insurance department has a listing of life insurance companies licensed to business in its state. Contact the life insurance companies directly to see if a policy exists.Life insurance companies pay interest on accumulations on permanent policies and charge interest on policy loans. Look for interest income from and interest expenses paid to life insurance companies. Review your loved one's income tax returns for the past two years.However, the company may still send an annual notice regarding the status of the policy or it may pay or send notice of a dividend. If a policy has been paid up, there will not be any notice of premium payments due. Check the mail for one year after death for premiums notices, which usually are spent annually.Check bank books and canceled checks for the last few years to see if any checks may have been written to pay life insurance premiums.Check with the employee benefits office at their latest and previous places of employment.Contact every insurance company with which they may have had a policy, even if you're not sure the policy is still in force. Check your loved one's papers and address and telephone books to look for life insurance policies and the names of insurance agents.
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