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Frequently Asked Questions

How can I prevent unclaimed property from being escheated?

There are a few ways that you can claim your property before it is escheated:

  1. Mail back the claim letter we sent you, stating that you wish to claim your account
  2. Transfer your funds to different account with North Shore Bank
  3. Close your account 
  4. Make a deposit to or withdrawal from your account
  5. Update your passbook

FAQs

Effective January 1, 2018, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), a conversion from a Traditional IRA, SEP, or SIMPLE to a Roth IRA cannot be recharacterized. The law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans.

A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization was made by October 15, 2018. A Roth IRA conversion made on or after January 1, 2018, cannot be recharacterized. For details, see “Recharacterizations” in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

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