Every state, and other jurisdictions, require the escheatment of certain assets based on specific criteria defined by their respective laws. We, along with APEX Clearing, will attempt to contact you if your account appears to have abandoned property prior to escheatment of your account.

Why are accounts selected for escheatment?

Accounts are selected based upon the lack of activity.  An account that did not have any activity in the state/jurisdiction’s specified timeframe is considered abandoned property:

  • Purchase or sale of a security

  • Deposit or withdrawal of funds or securities

  • Address update

  • No login to the account within a specified period of time

What do I do if I am notified of the abandoned property or how do I prevent this from happening?

It is always a good idea to log in to your account regularly to check on your investments.  You may want to get into the practice of logging into your account on a regular basis.

Some additional tips for keeping your account active:

  • Review your account information every year and update any out-of-date information.  Did you move and need to update your address?  Did you change your employer?  Are you using a new bank account?

  • If you receive a letter regarding abandoned property from APEX Clearing, please sign and return the letter to us as quickly as possible so we can update your account and ensure that the securities and cash in your account aren’t transferred to the state/jurisdiction that is requesting it.

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