What is escheatment?
Escheatment is the process of turning over financial assets considered lost or abandoned property to a state authority.
What is lost or abandoned property?
Lost or abandoned property is property that is unclaimed by its rightful owner or his or her heirs.
Regarding escheatment, states define abandoned property as one of or a combination of the following:
- Accounts without activity initiated by the account owner
- Accounts with an address deemed as undeliverable by the United States Postal Service
- Uncashed checks
How do I prevent my property from being escheated?
Each state has its own rules concerning abandoned property. For general information, please read below. We suggest that you refer to your state's treasury website for the details specific to your state.
How long does my account(s) have to be considered abandoned property before escheatment occurs?
Each state has its own rules concerning abandoned property. The time periods for abandonment range from 3 to 5 years. By law, mutual fund companies are required to make annual reports to state governments listing inactive accounts. Please refer to your state's treasury website for the time period specific to your state.
How do I establish contact with Nationwide Funds?
Web Access: Log into your account at www.nationwide.com/mutualfunds. Logging in is considered contact. Instructions are also provided for creating online access to your account.
Telephone: Call our 24-hour automated line at (800) 848-0920 and select Option 3 then Option 5 and follow the instructions for making contact.
Mail: Take action on letters received in the mail concerning escheatment and follow directions in the letters so we can capture and document your response.
What is the most convenient way to maintain contact for my Nationwide Funds account(s)?
The easiest way to maintain contact is to access your account(s) online. Log into your account(s) through the Funds' secure website at least annually. Account statements, tax forms, regulatory materials and confirmation of activity statements can be accessed from this site after logging in.
Do automatic investments prevent my assets from being escheated?
No, automatic transactions including automatic investments and systematic withdrawals, dividends and capital gain payments, and reinvestments are not considered contact by state rules and will not prevent your assets from being escheated.
I live in a foreign country. Why did I receive this notice?
Abandoned property account(s) with foreign registration(s) are escheatable to the state of Delaware (the state in which Nationwide Funds is incorporated).
What should I do if my assets have been escheated?
Contact the Unclaimed Property Division in your state by visiting your state government’s website or by using the unclaimed property website at www.unclaimed.org.