Welcome to the knowledge center, please read through the information of frequently asked questions for answers to the common inquiries. For real time transactions and updates utilize the Shareholder Portal or Interactive Voice Response system for most common tasks.
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Dormant Accounts and Unclaimed Property Laws
Why is my account considered dormant?
Under unclaimed or abandoned property statutes, states may consider investor accounts dormant where there is an absence of documented, owner-generated contact or when multiple attempts to contact the investor have resulted in returned mail. These rules apply within a defined period of time: typically 3 or 5 years and if there is no owner-initiated contact, the shareholder’s stock is considered “dormant”. In accordance with individual state unclaimed or abandoned property laws, due diligence letters are mailed out to shareholders to alert them that their accounts are at risk of becoming “dormant”.
What is “escheatment”?
Escheatment is the term used to describe the end result of unclaimed property compliance. It is the annual process of complying with state law whereby the state gains custody of assets meeting certain criteria for presumptive abandonment. The state holds the assets, or their cash equivalent, until such time as they are claimed by the owner or legal claimant. To claim proceeds from abandoned property, the investor must directly contact the state. Links to individual state unclaimed property programs may be found by visiting www.unclaimed.org. Your account will be escheated to your last known resident state or to the company's state of incorporation if you are a foreign owner who resides outside the United States.
Can the State take my shares if I hold a certificate?
Yes, your stock and any un-cashed checks in your account are reported to the state if the account is not kept up-to-date. Such reporting causes outstanding certificates in your possession to be cancelled and re-issued in the name of the State.
How can I avoid escheatment of my property now that I have received a Due Diligence Letter?
You can update your account by contacting Broadridge Corporate Issuer Solutions, the transfer agent, by responding to the due diligence and by logging in via the Log In button at the top of the page or on investor.broadridge.com to authenticate your identity and demonstrate your control over your account. Additionally, you can contact us via mail or by contacting a client service representative by calling the company specific number found here.
How can I avoid having an account which is considered dormant?
Please note that participation in the Dividend Reinvestment Plan is considered passive investing because dividends are automatically invested and not at the request of the shareholder. Such participation alone will not prevent your account from falling dormant in the future.
As a shareholder, continue to make periodic contact with Broadridge to keep your date of last contact current. This can be accomplished in a number of ways:
- Log in to your online profile via the Log In button at the top of the page or on investor.broadridge.com and review past transactions, download tax information, or update your account information.
- Log on to the Interactive Voice Response System (IVR) to check account updates. The company specific number can be found here.
- Vote your proxy or be sure to cash a dividend payment.
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