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Delaware Unclaimed Property - Verizon Shares

  • 31-03-2021 10:51am
    #1
    Registered Users Posts: 64 ✭✭ Window1


    Hi - just wondering did anyone successfully claim the value of their Verizon shares following the recent letters from Office of Unclaimed Property in the State of Delaware. It seems they also refund all of the unclaimed dividends? Is this the intervention many of us have been waiting for?!
    Thanks


Comments

  • Registered Users Posts: 436 ✭✭ TedR


    Window1 wrote: »
    Hi - just wondering did anyone successfully claim the value of their Verizon shares following the recent letters from Office of Unclaimed Property in the State of Delaware. It seems they also refund all of the unclaimed dividends? Is this the intervention many of us have been waiting for?!
    Thanks

    Same question, more or less; received same format letter re Verizon shares, honestly not sure what my holding is at this stage, but I wasnt sure that the letter was legit
    If in theory there is some funds avail to claim, they would look for bank details etc?


  • Registered Users Posts: 64 ✭✭ Window1


    Have initiated the claim anyhow! Received back a claim form which needs completing and supporting documentation. Will probably pursue it! Curious to know though if anyone else on Boards.ie have followed up on this and are at a more advanced stage in the process? Thanks.


  • Registered Users Posts: 958 ✭✭✭ Rulmeq


    I've a feeling that you've stumbled upon some sort of a scam: https://news.delaware.gov/2020/07/23/delaware-residents-warned-of-unclaimed-property-scam/


  • Registered Users Posts: 436 ✭✭ TedR


    That scam warning refers to text though, this came by snail mail letter.
    I am obviously very reticent to give any info over, and havnt done so.

    The website referred to in the letter does exist though, and does link through to apparent unclaimed dividends.
    This does make some sense, in that I have previously received cheques for very small amounts from Verizon share dividends which I have never bother to cash to be honest. Amounts would be maybe 5 or 6 euro.
    I do have Verizon shares left over from whatever Vodafone takeovers happened previously, and I havnt paid a lot of attention to the whole thing, silly as that may sound. I am not even sure of my holding without digging out old paperwork.
    Anyone any ideas?


  • Registered Users Posts: 4,032 ✭✭✭ Duvet Day


    TedR wrote: »
    That scam warning refers to text though, this came by snail mail letter.
    I am obviously very reticent to give any info over, and havnt done so.

    The website referred to in the letter does exist though, and does link through to apparent unclaimed dividends.
    This does make some sense, in that I have previously received cheques for very small amounts from Verizon share dividends which I have never bother to cash to be honest. Amounts would be maybe 5 or 6 euro.
    I do have Verizon shares left over from whatever Vodafone takeovers happened previously, and I havnt paid a lot of attention to the whole thing, silly as that may sound. I am not even sure of my holding without digging out old paperwork.
    Anyone any ideas?

    I recieved the same letter but haven't responded, my cheques were tiny so never did anything with them, 1e or 2e at most, I haven't a clue if it's legit or even worth responding to so can't help you but I will follow the thread as I'm curious about it also.


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  • Registered Users Posts: 4,236 ✭✭✭ JeffKenna


    Duvet Day wrote: »
    I recieved the same letter but haven't responded, my cheques were tiny so never did anything with them, 1e or 2e at most, I haven't a clue if it's legit or even worth responding to so can't help you but I will follow the thread as I'm curious about it also.

    Last time I cashed those cheques they bounced and got a call from the bank with a fine. Just throw them in the bin now.


  • Registered Users Posts: 958 ✭✭✭ Rulmeq


    JeffKenna wrote: »
    Last time I cashed those cheques they bounced and got a call from the bank with a fine. Just throw them in the bin now.


    You can switch the dividends to be re-invested, I did that after I got the first "check" for $1.25 (I even tried to see if I could donate it to some charity in the states, but it would have cost more to post them, and the fees would have made it unprofitable for anyone)


  • Registered Users Posts: 436 ✭✭ TedR


    I think Ill dig out whatever share certs I have from that Verizon takeover/buyout time and see if there is a way to contact them directly.
    I guess if the holding is worth anything, Ill opt to cash it in. I dont think theres very much money involved really.
    I understand that there are easy enough ways to trade/sell electronically these days, (if its not obvious, i wouldnt be too up on the mechanics of stocks and shares generally :-)

    Still, interested to know if anyone engages further with that letter etc


  • Moderators, Regional East Moderators Posts: 21,536 Mod ✭✭✭✭ Agent Smith


    Have been asked to look into this by a family member,

    is it the divivdents that are unclaimed? or the shares? He got checks for 1-2 euros which he never bothered to lodge....


  • Registered Users Posts: 237 ✭✭ M007


    Any further info on this?

    I processed my claim but got a form to fill in asking for fill in details for US broker / broker account details. ?

    Any ideas?


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  • Registered Users Posts: 21 boardsiebob


    Got the same unclaimed property from Delaware. Filled out the form and uploaded it online together with other details. Important is when you claim the shares that you have an account with a broker to manage your shares (it used to be Computershare but they don't hold international shareholders). You have to fill in the account number and name of the broker on the claim form.
    I have set up an account with Interactive brokers and filled in the account number on the claim form.
    Got confirmation email from Delaware that the claim is in.
    I expect they will process this and that my shares will appear in the broker account. I also expect this will be the shares and any uncashed dividend.
    Since it is in the US there is tax on the dividends or selling of shares. I guess the broker will be able to sort out the taxing when they hold the shares. You have to fill in another form where you claim Tax treaty benefits. I believe it is taxed at 15%.


  • Registered Users Posts: 1,788 ✭✭✭ Cute Hoor


    Got the same unclaimed property from Delaware. Filled out the form and uploaded it online together with other details. Important is when you claim the shares that you have an account with a broker to manage your shares (it used to be Computershare but they don't hold international shareholders). You have to fill in the account number and name of the broker on the claim form.
    I have set up an account with Interactive brokers and filled in the account number on the claim form.
    Got confirmation email from Delaware that the claim is in.
    I expect they will process this and that my shares will appear in the broker account. I also expect this will be the shares and any uncashed dividend.
    Since it is in the US there is tax on the dividends or selling of shares. I guess the broker will be able to sort out the taxing when they hold the shares. You have to fill in another form where you claim Tax treaty benefits. I believe it is taxed at 15%.

    I'd have my doubts that you will be given any uncashed dividends, just your share allocation I'd imagine. You will need to fill in a W-8BEN form for Interactive Brokers for US withholding tax. You will also have to pay Irish tax on any dividend, but will get an allowance for the US tax paid


  • Registered Users Posts: 16 ScamAtak


    This maybe a property scam


  • Registered Users Posts: 1,335 ✭✭✭ tphase


    ScamAtak wrote: »
    This maybe a property scam
    can you expand on that a little?


  • Registered Users Posts: 8 Twofeet


    My partner, who passed away in 2015, had some shares with Vodafone. I was sent cheques for 10c which I didn't bother cashing. 3 months ago Delaware Unclaimed Property addressed a letter to my deceased partner inviting him to claim, even though his shares had been left to me in his Will. I paid half of what the shares were worth to a Broker in handling fees, to transfer the shares into my name but this information had not been conveyed to them. Nonetheless, I proceeded to claim to see what would transpire. After informing Delaware the shares had been left to me in a Will, they amended their records and asked me to send two identifying documents and details of the bank to which the funds should be lodged. As the Vodafone shares are not worth much and Delaware Unclaimed Property won't disclose the amount owed to me, I didn't proceed. Two days ago I received an email reminding me that I had not submitted the information and to do so before the deadline. Their website appears to be convincing and 'kosher' and I feel the information to have been legitimately obtained. I however have a nasty feeling, that I risk losing more than I will gain if I have to process the claim through a Broker. My meagre share is not going to cover a Broker's handling fee if that is what's required. It seems to me, to be a pointless exercise, to benefit only the taxman and the Broker! Maybe it's best to leave it with Delaware Unclaimed Property and hope it will serve a good cause. I'm curious to know how others on this thread got on with their claim and if they have uncovered anything "fishy" about the whole business!


  • Registered Users Posts: 64 ✭✭ Window1


    Hi

    I have been keeping an eye on this thread and just thought I would update! It's 3 months since I submitted the supporting documentation. Delaware got back in touch maybe a month or so later - weren't accepting my small passport as one of my IDs so I had to send a different ID. The case currently says my updated documentation is being assessed for veracity etc. I haven't been asked anything about brokers - yet anyhow! Will post whenever I have something new from them.


  • Registered Users Posts: 306 ✭✭ LastStop


    Anyone get any further with this, I processed the forms for my mother and they keep coming back with issues, Government ID, PSC, is unacceptable as Government ID, Passport is black and white. And then finally they wouldn't accept the letter from Vodafone as proof that she owned the shares.


    Curious as if anyone has actually been successful.



  • Registered Users Posts: 64 ✭✭ Window1


    Hi - a further update! My ID documentation was finally accepted. Then a few days ago I got a letter in the post indicating that my claim had been approved and telling me how much (in $s) I was due including dividends and the cash value of the shares ( which is the option I had ticked). It says that if I don't receive the payment "within a reasonable amount of time" to contact a phone number/email provided. I am wondering now will I receive a dollar cheque :-)



  • Registered Users Posts: 8 Twofeet


    After they asked me to re-send all the photographic IDs again, this time in COLOR, I told them to keep whatever "property" it is that they allege I am entitled to claim. Life's too short ...



  • Registered Users Posts: 64 ✭✭ Window1


    Successful conclusion! Received my dollar cheque in the post and lodged same - I was forgetting the dollar/euro exchange rate so got a pleasant little surprise with the final amount. I didn't go through any Broker - just submitted the requested identifications etc - so no deductions were applied. I won't go wild on the amount but I am still glad I pursued it.

    The other part of the old Eircom shares are still in Vodafone and paying a very small dividend a few times a year so I will leave those in situ for the time being at least. FYI for anyone wanting to check their Vodafone shares value - it switched from compushare to www.shareview.co.uk some time ago (maybe ages ago? - I don't remember but just was motivated to check their value recently when sorting out the Verizon ones).



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