You may have heard that each state has a depository
where unclaimed property is reported by banks, insurance companies, and other
entities. It is worth a few minutes of
your time to look for yourself and relatives. This money is legally owned by
someone and it just could be you.
While doing the search just in my state, I found two
direct relatives and several distant relatives listed as having unclaimed property. I also located someone who is deceased, to
whom I notified their one and only legal heir.
To be sure you have the correct web site, either go
to your state’s Treasury Department or to http://www.unclaimed.org. This unclaimed money or property legally
belongs to someone who “forgot” about it.
The entity who held it must be law make attempts to locate the rightful
owner in the state of their last known residence. At some point, it is turned over
to their state’s Treasury Department.
Per the web site listed above comes their definition:
“What is unclaimed property?
Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.”
Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.”
In Pennsylvania, there is a form that must be completed with proof of who you are (copy of your driver’s license). A notary’s stamp may also be required to assist in verifying that you are the individual you claim to be via the paperwork. By also registering an email address in Pennsylvania, you can track the status of your claim for the property once the claim form is submitted.
If you have gone to a web site that lists unclaimed
property but charges a fee or asks for a credit card, DO NOT follow through
with their process, as it may be a scam.
Make sure you are on the official state site for each and every state in
which you have resided. Why pay someone
else when you can do it for yourself. Their finder's fee could take a nice chunk of your claim if the property is monetary. However, if unclaimed property is items such as jewelry, you could be putting out money to receive your property.
Who knows what you may find with just a few minutes
of your time, and check at least once a year since unclaimed items are turned in all the time.
Great information...Thanks for sharing!!
ReplyDelete