Mauro, moved his family 10 times reinvesting in this market. With these moves both he and his wife simply forgot about their $10,000 saving they had with ING Direct. Withe the many moves upgrading in this booming time, their documents were lost and the monies forgotten. ING Direct was then acquired by Scotia Bank and first announced in late 2012. Scotia Bank in early 2014 changed ING Direct’s name to Tangerine.
With the many moves Mauro and his family had ventured into and with ING Direct being acquired by Scotia Bank and later changing their operating name to Tangerine, Mauro and his wife misplaced their documents and their investor simply lost track of their $10,000 savings account. It isn’t a stretch to understand or see how this could happen.
To Mauro’s saving grace as luck would have it, he received a call from a Consulting Company, out East, who had found these unclaimed money, sitting at the Bank of Canada, that belonged to him and his family. This company told them they could recover the money for him, but at a cost.
Mauro and his wife, were surprised but happy to have received this call. They agreed to pay the fee of 20% to the consulting firm. They have since recovered their money, but not at a cost to them having recovered a portion of their hard earned dollars.
This could have been avoided and these funds never lost if it was documented at The RIP Registry (theRIPregistry.com). The RIP Registry is an online service, at your fingertips as needed when needed. As Mario would have moved from location to location and continued to building his portfolio he would have updated his portfolio, realizing that he had a savings account with ING Direct and these funds would not have been forgotten.
Leave a Reply