Unclaimed IRAs

The mandatory payout age for traditional individual retirement accounts (IRAs) is 70 ½. Roth IRAs are payable when an owner reaches 59 ½. If the holder is unable to contact the owner, the IRA is considered abandoned two years after the mandatory payout date.The IRA is then turned over to the respective states unclaimed property …

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Claim your IRS refund

You work hard for your money and every pay check you watch as the government funnels away some of it. Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding. Approximately 1.7 million people are due refunds …

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Deposits at Failed Banks

The Federal Deposit Insurance Corporation is an independent federal agency created in 1933 to promote public confidence and stability in the nation’s banking system. Throughout its history, the FDIC has provided bank customers with prompt access to their insured deposits whenever an FDIC-insured bank or savings association has failed. In the FDIC’s 75-year history, no …

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Unclaimed Credit Union Shares

Why does the National Credit Union Administration (NCUA) have unclaimed deposits? When a credit union with federal insurance is liquidated, NCUA’s Asset Management and Assistance Center (AMAC) is responsible for paying the share accounts to the members. Invariably, some items may remain unclaimed. Some checks are never cashed; or the credit union’s address information was …

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