To protect your Thrivent Mutual Funds account(s) from being deemed abandoned under unclaimed property laws and turned over to the state, it is necessary for you to affirmatively contact us regarding your account(s).
Present the uncashed check to your bank:
All states require financial institutions to report or turn over personal property that has been abandoned/unclaimed for a certain amount of time. That amount of time varies by state.
The financial institution must make a concerted effort to locate the account owner. If they are not able to locate the account owner and the account stays inactive for the period of time outlined by the state, the financial institution must report the account to the state in which the account is held. The state then becomes the owner of the account through the "escheatment" process.
Generally, an account is deemed abandoned or unclaimed if there has been no account activity or contact with the financial institution for the set period of time determined by the state. The unclaimed property could be in the form of an uncashed check issued in your name and/or mutual fund shares.
Another way an account can be deemed abandoned is when the address on the account has been deemed undeliverable by the United States Postal Service.
Thrivent Mutual Funds' goal is to have regular affirmative contact with its shareholders in order to limit the instances when property must be turned over to a state. If property must be reported and paid to the state, each state has specific processes for claiming unclaimed property. Check with your state's Treasury Department for information on how to file a claim. There is generally no charge to claim your property, and you do not need to hire a third party to help you file a claim or locate property.
Some states allow heirs or original owners to claim their property indefinitely, while others will keep the property by means of escheatment if the property goes unclaimed for a certain amount of time.
Generally, state regulations do not consider automatic investment or redemption plans to count as contact on your account. If this is your only investment activity, you will likely need to establish contact by another method. An ongoing transaction such as a systematic purchase or redemption made by direct deposit will continue, so it is considered 'passive contact.' A company may not rely on 'passive contact' with a shareholder to fulfill unclaimed property law requirements. Some other examples of passive contact include the mailing of statements, correspondence, and tax forms (even if those communications are not returned by the post office as undeliverable).
If the shares in your account are escheated, your account will have a zero balance as of the date of escheatment. In order to re-claim your funds, you will have to contact the state to which the account was escheated and request that the shares be returned to you. After a period of time, states tend to sell the securities in escheated accounts and treat the proceeds as state funds.
The state maintains the value of the account until it is claimed by the owner (or the owner's beneficiaries). For mutual fund accounts, the account is liquidated and the state holds the proceeds of the liquidated account. When an owner finds the account and wants to reclaim it, they must verify their ownership of the property and prove their identity. After that, the value of the account (from the date at which it was liquidated) will be returned to the owner. Until that time, the states have full access to those funds to use as permitted by state law.
Each state has a website that describes its unclaimed, or abandoned, property laws. Please visit the unclaimed property website for your state for more information.
Visit the National Association of Unclaimed Property Administrators, where you can search nationwide or by individual state.
Search the state in which you currently reside, any state in which you have previously lived or the state in which your financial institution is incorporated or organized.