Frequently Asked Questions
1. Do I need to claim my shares and cash?
It is important that you take action. One way to prevent the possibility of your property being turned over to the state in accordance with applicable unclaimed property law is to respond to the notice you received from UPRR. You may claim your property (or activate your account) through this program by completing the Authorization Form that was sent to you and returning it to UPRR in the enclosed envelope.
2. Why did I receive this notice?
The mailing you received from UPRR was directed to shareholders whose account meets one or more of the following conditions:
a. The Post Office has returned mail marked as “undeliverable” that was sent to the address of record
b. A series of dividend checks remains un-cashed
c. The Social Security Number (SSN) of record is assigned to someone who is deceased according to the Social Security Administration database or there is a mismatch between the SSN and the account name
3. I am a Joint Tenant owner and my spouse is deceased. I just received a notice from UPRR that indicates that my shares should be addressed. Will they be turned over to the state if I do not take action?
Your shares would not be designated as unclaimed property and turned over to the state as long as you are cashing the associated dividend checks. However, it would be to your benefit to have your shares re-registered. Maintaining a joint tenant registration when only one tenant is living can create errors in tax reporting, raises questions as to ownership and can complicate estate planning.
4. Can I transfer my property to another name?
You may transfer your property to a different name by completing the information in the box (Section #1) on the front page of the form you received from UPRR and by securing a Medallion Signature Guarantee from an institution such as a commercial bank, trust company, credit union, or brokerage firm participating in a medallion program. A notary public stamp is not acceptable. Should the registered holder be deceased, a copy of the death certificate and other supporting documents must be provided. Click here to refer to Instructions for the Transfer of Ownership.
5. How will shares be sold?
If you check the box on the Authorization Form you received from UPRR electing to sell all shares, your shares will be sold at the market price on the trade date. If more than one trade is made on a particular trade date, you will receive the weighted average price of shares of that issue sold on that trade date. The cash received by you will be net of the processing fees. We cannot guarantee the trade date or the price at which your shares will be sold. If you check the box and elect to receive shares, we will sell only enough shares to cover the processing fees, and you will receive a book entry statement representing the net shares.
6. What is a DRS statement?
Direct Registration System (DRS) is an electronic method for registering shares with a corporation’s transfer agent. These shares are book-entry and can be transferred within DRS. A DRS statement can be issued in lieu of a paper stock certificate, and demonstrates ownership interest just as if you are in possession of a stock certificate.
7. Why do I need to provide personal information?
Federal law requires all financial institutions to obtain, verify, and record information to confirm the identity of its customers. What this means for you: when you participate in the program we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask for a copy of your driver’s license or other identifying documents.
8. Do I need to use this program to claim my property or activate my account?
No, participation in this program is voluntary.
9. How should I submit these shares?
When submitting shares/certificates, we recommend a delivery method that can be tracked (such as overnight mail, certified mail, etc.) and although not required, we suggest that you maintain for your records copies of all documentation submitted.
10. What if I have lost my stock certificates?
You may still participate in the program even if you have lost some or all of your stock certificates by completing and returning the Letter of Transmittal you received from UPRR. A surety bond will be purchased, on your behalf, based on the value of the lost securities. The surety bond premium will be deducted from the proceeds distributed to you. The price of the bond is set by the issuing insurance company. UPRR does not issue the bond or receive any fees related to the bonds or for facilitating their issuance.
11. How long will the process take?
Share exchanges with transfer requests received in good order typically take approximately 45 days to process. All requests submitted that are not in good order or which lack the information needed to process the claim will be returned to the sender with a notice advising why the transfer cannot be completed. You can resubmit your claim once you have made the correction(s) indicated.
12. Are there fees associated with this transaction?
Depending on the actual transaction, there may be nominal fees associated. For amounts incurred for the collection of assets of an estate, the fees paid to UPRR should be tax deductible. Please consult with you own tax advisor regarding this important deduction.