Planet Money Escheat show (Update)
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Mar 19, 2025 Discover the intriguing world of unclaimed property and escheatment laws! Hear the story of an investor who lost a fortune despite following best practices. Explore the quirky history of how states handle forgotten assets and the complexities of reclaiming them. The podcast tackles the hidden costs of unclaimed funds and the fairness of how individuals are compensated. Personal stories highlight the challenges of navigating this maze of bureaucracy, especially through a man's battle over his seized Amazon stock. Don't forget to check for your own lost treasures!
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Walter Schramm's Amazon Stock
- Walter Schramm bought Amazon stock in the late 90s and didn't check it for 20 years, following a buy-and-hold strategy.
- When he finally checked, his $6,000 investment, which should have been worth $100,000, was gone.
Escheatment: Protection or Overreach?
- Walter's missing money was due to escheatment, a government program reclaiming forgotten assets.
- This program can be seen as consumer protection or government overreach.
Check for Unclaimed Property
- Check your state's unclaimed property website; you might have forgotten assets.
- Kenny Malone found a $40 unclaimed paycheck from NPR, while Audrey Quinn found $800.