What is unclaimed property?

All states have laws governing the disposition of unclaimed property. Financial institutions, including brokerage firms, banks, and transfer agencies, are required to report personal property that has been unclaimed and then remit that property to the state.

Your mutual fund account (including the fund shares and any uncashed distribution checks in the account) may be considered unclaimed if certain criteria (which vary by state) are met, such as any of or a combination of, mail being returned as undeliverable, uncashed checks or, in some circumstances, a lack of account activity for an extended period of time.

Once property meets the unclaimed property requirements in your state of residence, it must be turned over to the state in a process known as "escheatment."

What is an unclaimed property notice? Why did I receive one?

Receiving an unclaimed property notice is disconcerting, however if you act in a timely manner, you may be able to prevent escheatment of your property. Unclaimed property notices are primarily sent as a result mail being returned as undeliverable or a certain number of years elapsing since there was any activity on the account. If you do not make your account active or respond to the notice, your property may be escheated and turned over to your state’s unclaimed property division. Thankfully, escheatment may be preventable. If you receive a letter, telephone call or e-mail attempting to re-establish contact with you, please respond to the notice.

What is escheatment?

How can I protect my accounts from escheatment?

The best way to ensure that your Eaton Vance mutual fund accounts are not deemed lost or unclaimed is by contacting us once a year. This can be accomplished through one of several different means:

What can I do to retrieve my property if it is escheated?