Hawaii State Policy - Unclaimed Property (Read 133 times)

drck1000

Hawaii State Policy - Unclaimed Property
« on: October 07, 2019, 01:11:05 PM »
Sharing lesson learned about Hawaii's policy on unclaimed property.  Probably an old policy/law, but I've come across it a few times lately. 

Most recent was a couple of Roth IRA accounts that I received notices to the effect that the accounts haven't shown activity "for an extended period of time" and was at risk for being "transferred to the custody of Hawaii". 

This has actually come up on a First Hawaiian Savings account earlier this year.  It's an account that my grandma has set up for me when I was born and she would deposit into it regularly over the years.  She passed away in 2012 and I think I may have changed the type of savings then, but I don't touch the account.  I got a notice and went into FHB to take care of it.

But this time, I got the notice AFTER the date in which the account was in jeopardy.  I received the notice this past week and the date was mid-August.  I called the investment company this morning and was assuming that I had to petition the State to get my funds back, but they said the funds hadn't been turned over.  This was an IRA that I had in my first job and I haven't paid much attention to it since I rolled it over to a Roth IRA.  I assumed that since it was obvious with the investment company that I was still alive (I have life insurance with them), that they would know that this account was still "active", or at least not to have the funds subject to being considered unclaimed.  The rep said I should call them once a year to show activity.   :wtf:

changemyoil66

Re: Hawaii State Policy - Unclaimed Property
« Reply #1 on: October 07, 2019, 02:32:00 PM »
I think the issue is that it's a local bank (FHB).  Had it been with a mainland bank, then you wouldn't have to show activity by calling once a year.  Its probably treated as a type of savings account which went dormant (even though IRA).  So FHB reported it to the state.

Flapp_Jackson

Re: Hawaii State Policy - Unclaimed Property
« Reply #2 on: October 07, 2019, 02:37:28 PM »
The state has all kinds of unclaimed funds in their possession that belong to its citizens.  Just because the funds have been transferred to the state doesn't mean you can't make a claim.

It's worth it to go to the state's website and do a search occasionally.  Search on your name, your family members' names and your close friends' names. 

I found an unclaimed check for a friend for around $70 if memory serves.  He took me to lunch as a reward.   :thumbsup:


https://portal.ehawaii.gov/home/online-services/unclaimed-property-search/

https://www.ehawaii.gov/lilo/app
It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance.

Flapp_Jackson

Re: Hawaii State Policy - Unclaimed Property
« Reply #3 on: October 07, 2019, 02:49:36 PM »
LOL!  I just searched for my family's names.  The state has $4.92 waiting for my daughter to claim it. 

I'll be expecting a finder's fee....

 :thumbsup: :geekdanc:
It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance.

drck1000

Re: Hawaii State Policy - Unclaimed Property
« Reply #4 on: October 07, 2019, 03:02:56 PM »
I think the issue is that it's a local bank (FHB).  Had it been with a mainland bank, then you wouldn't have to show activity by calling once a year.  Its probably treated as a type of savings account which went dormant (even though IRA).  So FHB reported it to the state.
The "call once a year" company is a mainland one. 

From what I was told, it's a Hawaii requirement for reporting dormant accounts.  Just want my money. . .  >:(

Nah.  Mostly my fault.  I get so much junk email and sometimes I let it pile up before I go through some, like in the case of my Roth IRA.  I assumed it was regular statements (yes, I should have switched to paperless).  However, in the most recent case, I opened it right away and I was like  :wtf: the respond by date has already passed.  It wasn't a huge amount, but enough to have bought a nice 1911 or two. 

drck1000

Re: Hawaii State Policy - Unclaimed Property
« Reply #5 on: October 07, 2019, 03:08:24 PM »
The state has all kinds of unclaimed funds in their possession that belong to its citizens.  Just because the funds have been transferred to the state doesn't mean you can't make a claim.

It's worth it to go to the state's website and do a search occasionally.  Search on your name, your family members' names and your close friends' names. 

I found an unclaimed check for a friend for around $70 if memory serves.  He took me to lunch as a reward.   :thumbsup:


https://portal.ehawaii.gov/home/online-services/unclaimed-property-search/

https://www.ehawaii.gov/lilo/app
Yeah, that's what the statement said.  Since it was recent, where funds would be reported to the State as dormant as of Aug 2019.  I was hoping that like anything with the State, that things wouldn't have moved that fast and not yet claimed by the State.  It turns out that was the case.  But yeah, I was already prepared to claim the funds via the State's process. 

And no unclaimed property for me at this time.  Also checked a few family members who passed away recently, and nothing, so  :thumbsup: