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Track down those lost investments

The shipwreck hunters over at Odyssey Marine aren't the only people searching for lost treasure. Lots of ordinary investors have lost track of investments they once owned, might still own or just possibly might be entitled to. - I regularly hear from people hoping I might have a clue about how to connect with their missing money and securities. Their search is complicated by the three big factors that cause investments to go missing in the first place: moving, memory loss and death.

By Helen Huntley, Times Personal Finance Editor
Published January 13, 2008

The shipwreck hunters over at Odyssey Marine aren't the only people searching for lost treasure. Lots of ordinary investors have lost track of investments they once owned, might still own or just possibly might be entitled to. - I regularly hear from people hoping I might have a clue about how to connect with their missing money and securities. Their search is complicated by the three big factors that cause investments to go missing in the first place: moving, memory loss and death.

BANK ACCOUNTS

Question: I had an IRA in the early '80s in Pennsylvania. I retired in June 1988. I cannot recall receiving any monies from the IRA as I was in the process of moving.

State laws require dormant accounts at banks and other financial institutions to be turned over to the state. The dormancy period varies by state, but when it's been more than five years since you've heard from the bank, it's highly likely that any account you had would have been turned over.

The best approach is to contact the unclaimed property office for every state in which you have lived since you opened the account. Florida's can be found on the Internet (www.fltreasurehunt.org) or by calling toll-free 1-888-258-2253. Check for other states at www.missingmoney.com.

When problems are of recent vintage, you should contact the bank. If your bank no longer exists and an Internet search engine (such as www.google.com) fails to turn up what it has become, use the "Bank Find" function on the FDIC Web site (www.fdic.gov) to find the successor institution.

SAVINGS BONDS

Question: My brother, now deceased, owned savings bonds that he planned to give me. Now we cannot find them. Is there a way to replace lost bonds?

Request replacement of a lost savings bond by filling out form PDF 1048 (available at www.savingsbonds.gov) and mailing it in to the Bureau of the Public Debt. The more information you provide - such as face amount, approximate purchase date and/or serial number - the better the chance of getting a replacement.

STOCKS

Question: My deceased son-in-law had 784 shares of Mitel Networks Corp. Whom do I contact to find out if they are worth anything?

A broker or a finance site on the Internet (finance.yahoo.com) can tell you if a stock is traded and what it is worth. When it is not traded, try an Internet search engine to find the company. Since Mitel Networks still exists as a private company, you can go to its Web site to get a contact. Look for an "investor relations" number.

If this method does not produce results, I recommend a trip to the reference section of the public library. The final option is to pay a search firm to evaluate your security such as R.M. Smythe (toll-free 1-800-622-1880) or Scripophily (toll-free 1-888-786-2576). Then hope that your company was bought out and didn't simply go bankrupt. Some old certificates also have value as collector's items.

PROOF OF OWNERSHIP

If your name is on the account or certificate, you probably can use your driver's license to prove your identity. You may be asked for something, such as a utility bill, that proves you once lived at the last address for the account.

If the original owner is deceased, you can expect to be asked for a death certificate and proof that you are the legal heir or court-appointed representative of the person's estate. You might need a lawyer's help to prove your claim.

[Last modified January 11, 2008, 21:58:09]