If you have not accessed your account in several years, state laws may deem your account to be inactive. Once an account is inactive, it is considered by your state to be abandoned property and must be turned over (escheated) to the state. In most states, an account is considered to be abandoned when there is no shareholder-initiated contact for three to five years.
What is escheatment?
Escheatment is the process of turning over unclaimed or abandoned property to a state authority. Escheatment laws require mutual fund companies to turn over client account fund shares if the owner cannot be located within a length of time determined by each state.
What do I need to do to initiate contact, and how can I prevent account inactivity from happening in the future?
To ensure your account remains active, please contact us in one of the following ways now and once per year moving forward:
I have automatic transactions set up on my account. Aren’t those considered activity?
They are not. Shareholder-initiated contact includes:
I have multiple accounts. Do I need to make separate contact for each of my accounts?
No, it is not necessary to initiate contact for each account as long as they are all registered under the same Social Security number or tax ID number.
What do I need to do if my assets were sent to the state?
To begin the process of recovering assets that are no longer with Wells Fargo Funds, visit your state treasurer or controller office website.