Unclaimed Money Blog

March 27, 2013

Virginia Unclaimed Funds

Filed under: Uncategorized — admin @ 2:05 pm

The Commonwealth of Virginia is waiting for Virginians to come forward and reclaim their missing money. The state currently sits on top of a pile of VA unclaimed money totaling in the tens of millions of dollars. Over $27 million was returned to Virginians in 2005, but that’s only a small slice of what is yet to be claimed.

The state of Virginia, like every other state, continues to take in more unclaimed funds than it returns to citizens, mainly due to the fact that the majority of people are simply unaware of these monies, and those that are aware, don’t know the proper way to track them down. There is a right way and a wrong way to search, and sadly most people haven’t learned the correct way.

According to the Unclaimed Property Div of the VA Department of the Treasury, VA unclaimed money arrives from a number of sources, which include (but are certainly not limited to): savings and checking accounts, underlying shares, wages or commissions, credit balances, dividends, customer deposits, credit memos, gift certificates, refunds.

People don’t need to currently reside in VA to be owed unclaimed property, especially sense the majority of accounts must be abandoned for 1 to 3 years before they are handed over to the state, and laws governing other types do not require that they be handed over for seven, ten, even fifteen years! Moving out of state doesn’t mean that you’ve given up your rights to the money at all.

In addition to people who’ve moved out of state, some people may have never lived in The Commonwealth of Virginia. For example, some folks work for companies that have their headquarters in VA. Additionally, insurance companies are often located outside of the home state of the insured person. For these reasons, items like refunds, premium overpayments, and stocks might exist as unclaimed cash in VA, even if the rightful owner has never even set foot in the state!

People who live in VA should also search in other states where there is a chance they are owed money, for the same reasons that people who don’t live in VA should search the state’s listings.

There are a number of roadblocks that often prevent people from tracking down their missing money, but most of them boil down to being uninformed about the best way to search. Not only do most people get in their own way by checking the records in only one state, usually the one they live in, but they also tend to search once and call it quits.

As was mentioned earlier, each type of VA unclaimed property, and unclaimed property in all other states, have their own individual “dormancy periods” (amount of time that must pass before the funds are handed over to the state to hold until you claim them). In addition to some property types having long dormancy periods, states do not update their searchable records immediately, which means if the state is holding your monies, you may not find a record when searching, if they haven’t added it to their system.

If a citizen searches their name on Monday, but the VA Department of Unclaimed Money didn’t get around to adding the record of their monies until Tuesday, or the following week or month, the search might come up empty.

These are just a few of the hurdles that often get in the way of people trying to locate VA unclaimed funds for the first time, which is why it is imperative that you find someone with experience in this field to help you through the process to track down all potential claims.

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1 in 600 may be owed unclaimed life insurance money
By Jamie Novogrod, Producer, NBC Nightly NewsNEW YORK — Andy and Christina Fox, retirees living in Maryland, were shocked when they received a letter in late 2011 from a small life insurance company in the Midwest.”To be honest with you, we thought it was a scam,” Chris says. “It was five years after my father had passed. We had no knowledge of any insurance policies whatsoever.”It was no scam …

March 24, 2013

Alaska Unclaimed Cash

Filed under: Uncategorized — admin @ 2:05 pm

In 1880, Canadian Prospector Joe Juneau brought about the gold rush era by discovering gold in AK. America’s chilliest state also boasts the largest oil field in North America and its primary source of revenue is the natural gas and oil industry. But there’s another source of wealth that most residents of America’s Last Frontier have not yet discovered- Alaska unclaimed money and assets. AK has the lowest population density in the entire country – meaning life is not really very busy or hectic compared to the country’s more packed cities like New York. It is strange, then, that according to an article by Fairbanks’ The News-Miner, tens of thousands of residents of Alaska have unclaimed money being held for them in Juneau, the state capital.

People and businesses often lose track of their properties while changing names, addresses, or closing shop and just simply forgetting. Unclaimed property comes from abandoned assets like uncashed checks, long-dormant bank accounts, income tax refunds, insurance policies, forgotten stocks and stock dividends, and other financial assets. The AK Unclaimed Property Act requires the establishments holding these to turn them over to the state if their rightful owners can not be located after a certain period of inactivity. This ‘dormancy period’ in AK is one year for utilities, 5 for stock shares and checking and savings accounts, seven years for non-bank money orders and fifteen years for traveler’s checks. Contents of safe deposit boxes are the only tangible assets covered under the act.

There are over 300,000 accounts of Alaskan unclaimed monies in the state listings and 12 thousand new items are added to this list annually. Everyone should do a forgotten funds search because it’s very surprising who’s name pops up on the list of owners of abandoned property. Hawaiian Airlines, the Russian Airline company Aeroflot, the Alaska USA Federal Credit Union, China Airlines, even KIAK radio and KTVF-TV have claimable money waiting for them in AK. Even government entities are owed lost money! School districts and local governments in Anchorage, Kenai, Barrow and Juneau are among the names listed in over a dozen unclaimed money accounts. The names of former State Governor Tony Knowles, his wife Susa, former Gov. Steve Cowper, former Gov. Bill Sheffield, former Lt. Gov. Lowell Thomas Jr., are also apparently owed money. These people are public officials, easy to track down but they have not yet discovered their unclaimed money being held by the state.

According to the AK Unclaimed Funds Division of the Governor’s office in a recent statement, “The Unclaimed Property (UCP) staff conducts searches for property owners by selecting recently reported properties from the division’s database and using online tools to locate the owners. The target is to search for 50 owners each month, however when there are fluctuations in staffing and/or workload the UCP places a priority on responding to claims requests from property owners which involves verifying claims and processing payments.” In light of this, it would be a good idea for Alaskans to take some initiative, begin an internet search for unclaimed money and find out if they are owed money by the state. The wild Forget-Me-Not is AK’s official state flower, and residents would definitely not want to forget about their assets being held by the Treasurer either.

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Farewell to unclaimed tax money?
Saying it is unable to reconcile the accounts, the receiver appointed to oversee the dissolution of the Centax-Don Wilkinson tax-collection agency is asking a judge to approve a plan that would allow it to forgo efforts to locate thousands of …

Unclaimed property could be yours…and waiting
All money goes into a General Fund. “One of the first things Treasurer Kennedy did was approach the Legislature during the first Special Session in 2000, and ask to transfer the Unclaimed Properties division from the Department of Revenue to the Department …

Unclaimed Property Fund
and $50 in unclaimed money from Crestwood Court. GOVERNMENT Dan Barger less than an hour ago It’ll take more than 50 bucks to revive Crestwood Court, but before all the lights are all turned out at the once-bustling mall, someone should pick up the $50 or …

Good Morning America Unclaimed Money
Mississippi Animal Rescue Gets $13,624 in unclaimed funds. Vicksburg Warren Humane Society gets $13,624 in unclaimed cash. There are a dozen different sources you can search to find your own forgotten money. The states are the place to begin your search …

Hotline: Found money can come with a cost
Q Fox News gave information about searching for unclaimed money. The address PBGC.GOV was given. When I entered this address and my name, the information popped up that I had unclaimed funds and a confirmation number was given plus an 800 number …

March 22, 2013

Unclaimed Property in Washington

Filed under: Uncategorized — admin @ 10:05 am

The state of Washington is home to some of the world wide web’s major players. Even Bill Gates, the United States’ richest man, made his home in Medina, Washington and his company, Microsoft, is based in Redmond. Whitepages.com, Amazon.com, Classmates.com and Marchex also make Washington their home. The fact then that over 1.5 million residents are owed an excess of 700 million dollars in unclaimed property in Washington State is ironic, sense searching for unclaimed property and money can be done on the web from the comfort of their home or even the local Starbucks.

According to the Washington State Dept. Of Revenue website, typical unclaimed property includes abandoned bank accounts, insurance proceeds, stocks, bonds, and mutual funds, safe deposit box contents, utility and phone company deposits, uncashed payroll, insurance, and traveler’s checks, and other financial assets. Unclaimed funds does not include most tangible assets such as vehicles and real estate. State Law requires banks, insurance companies, retailers, credit unions, utilities, corporations, and government entities to turn Washington unclaimed property and money over to the state if their owners cannot be located after 3-5 years (depending on the type of property). The State’s Unclaimed Money Law states: “State law protects unclaimed property until it can be returned. There is no time limit for filing a claim and rightful owners or their heirs can claim property reported since 1955. The state may auction the content of safe deposit boxes, however, if not claimed within five years.”

Washington was the very first state to have a working system for claiming lost property and money. In fact, the Washington State Dept. of Revenue recently won the Award for Outstanding Management and Organizational Initiative for its ‘Unclaimed Property E-Claim System’. The total waiting to be reunited with their owners still exceeds 500 million dollars however, despite the unclaimed property program being administered to seek out more owners of Washington unclaimed property and that makes claiming easier for them.

The problem may lie in a number of factors – the fast paced lifestyle we live these days, the notion people have that mountains of paperwork are necessary when dealing with any government agency, and and simply not believing that these assets are out there. The more people change addresses, jump from spouse to spouse (changing last names), jump from job to job, the more likely it is that they are going to lose track of some of their financial assets like tax refunds from the IRS or inheritances from a relative that had passed away. Even people who are aware of the potential that they could have unclaimed property in Washington and other states might not bother doing a search at all assuming it isn’t worth the headache.

The Unclaimed Money Division collects over 55 million dollars in lost or abandoned assets annually in Washington State and that amount snowballs with every year that goes by. Study up on all the various ways to search, how often to search, and where to search and get started tracking down money you might have coming today! Who knows? For once, the government could owe you money this time instead of you owing the government.

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1 in 600 may be owed unclaimed life insurance money
NEW YORK — Andy and Christina Fox, retirees living in Maryland, were shocked when they received a letter in late 2011 from a small life insurance company in the Midwest. “To be honest with you, we thought it was a scam,” Chris says. “It was …

Inland Revenue warns customers about hoax phone calls
Inland Revenue customers are continuing to receive hoax phone calls telling them that they are eligible for a tax refund or unclaimed money .

Good Morning America Unclaimed Money
Mississippi Animal Rescue Gets $13,624 in unclaimed funds. Vicksburg Warren Humane Society gets $13,624 in unclaimed cash. There are a dozen different sources you can search to find your own forgotten money. The states are the place to begin your search …

Hotline: Found money can come with a cost
Q Fox News gave information about searching for unclaimed money. The address PBGC.GOV was given. When I entered this address and my name, the information popped up that I had unclaimed funds and a confirmation number was given plus an 800 number …

Ask LH: My Friend Has A Lot Of Unclaimed Money , Should I Tell Them?
Dear Lifehacker, I recently followed your advice for finding unclaimed money , but I took it a step further and started looking up names of family and friends too. This dug up a large amount of money under the name of one of my work colleagues, which I’m sure he would love to know about. However, I am afraid to be labelled a ‘sticky beak’ if I let him know. Do you think it would be appropriate …

March 20, 2013

Georgia Unclaimed Money and Assets

Filed under: Uncategorized — admin @ 2:05 am

A recent report by the Chattanooga Times announced that millions of dollars in GA lottery winnings go unclaimed in GA and TN. Lottery officials say this is primarily caused by people that buy lottery tickets while they are driving through and forget to see if they have won or not.

According to another news report though, a larger amount of Georgia unclaimed money is being held by the State Treasurer’s Department. Hundreds of millions of dollars in abandoned assets are held by the state gov. and most residents are not aware that it’s out there. Catherine Westbrook, an elderly resident of the state was very aware though and became frustrated when she attempted to get a twelve hundred dollar check from a forgotten life insurance policy. “When I didn’t get it for two or three weeks, then I called and they would say, ‘No, the check wasn’t written, hasn’t been written’ — that’s all they would tell me.”, said Westbrook who, after receiving her check five months later, adds: “I don’t know why they take so long to write a check.”

GA’s Unclaimed Property Law or escheat law (which originates from feudal laws in Great Britain) states that forgotten and abandoned properties such as income tax refunds, bank accounts, uncollected wages, cash dividends on stocks and mineral deposits, uncashed checks, gift certificates, insurance premium overpayments, and others have to be handed over to the state after a specified ‘dormancy period’. This period for GA is between 1 and 5 years for unclaimed financial assets. “Dormant funds are remitted to the State of Georgia. Demand deposit accounts are deemed to be dormant after 12 months and time and savings accounts are deemed to be dormant after a period of five years without activity”, according to an official statement from Georgia’s State Treasurer’s. In a press release from the GA Department of Revenue’s Unclaimed Funds Unit, “The time that must elapse for property to be determined “abandoned” and turned over to the state varies depending on the type of property. For example, unclaimed wages and company liquidation proceeds must be turned over to the state after one year. The vast majority of unclaimed property must be turned over to the state five years after the last contact with the rightful owner. Time frames for other types of property are: safe deposit box contents must be forwarded to the state two years after the box was opened by the holding financial institution; money orders seven years after the issue date; and traveler’s checks 15 years from the issue date.”

The GA Revenue Commissioner has recently attempted to make some improvements in the way that the state department that handles missing cash in GA, like replacing an old automated call center system with operators who can check the status of claims immediately. Tim Shields, a manager with the revenue department, “From the time the claim form comes in the door, if we have everything we need, within 8 to 10 weeks, that person’s going to receive a check,”.

Greg Daugherty, Executive Editor of Consumer Reports, said “When I entered my own information, I didn’t find anything belonging to me, but I did find some money belonging to a great aunt of mine who has since died, and would have left it to me.” Greg is not alone, which is why utilizing the help of an unclaimed property expert is of the extremely important.

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IRS has $1 billion in unclaimed funds
The Internal Revenue Service said they have nearly $1 billion in unclaimed funds. If you’re one of those taxpayers who is owed money, your time is running out. According to the IRS, about half of the potential refunds may be larger than $500.

2013 Pittsburgh Unclaimed Funds (PDF)
The city of Pittsburgh owes money to 900 residents, in amounts ranging from $1 to $26,000. This PDF file contains a list of names. Listed residents have until April 1, 2013, to claim these funds before the money gets forwarded to the state.

Help! The state won’t give me my money back
States say they are trying to find the rightful owners of $41 billion in unclaimed money and valuables “abandoned” at banks and other corporations. But some of the people who have tried to get their property back are finding it next to impossible.

Do you have unclaimed property or money?
SALT LAKE CITY — Sweeter than honey, Utahns may only be a mouse click away from learning whether the Beehive State has missing property or unclaimed money in your name or that of a loved one. Suffering from varying levels of unemployment, a record rate …

Govt to analyse data on unpaid investor money
NEW DELHI: In its efforts to protect the interest of investors, the Corporate Affairs Ministry plans to analyse data on unpaid and unclaimed money lying with various companies, besides drawing up a list of entities that are non-compliant with …

Celebrities’ unclaimed money
Lindsay Lohan is missing $1,560. Celebrities are missing out on hundreds — and in some cases, thousands — of dollars in paychecks, stocks and other payments that have been forfeited to the states. Regular folks are too.

IRS: Nearly $1 Bilion In Unclaimed Funds
The Internal Revenue Service says they have nearly $1 billion in unclaimed funds, and if you’re one of those taxpayers that may be affected, time is running out to claim your money. Taxpayers have a maximum of 3 years to claim a refund before …

State Comptroller: State wants to return unclaimed funds
State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners…

March 17, 2013

Florida Unclaimed Money and Funds

Filed under: Uncategorized — admin @ 11:04 am

Have you ever lent a few dollars to a friend, and because they were a friend, you didn’t press them to pay your cash back quickly? Then, as time went on, did you forget all about the cash? Well, you may not have, but millions of Floridians do each and every year, only their “friends” are companies holding dormant bank accounts, uncashed payroll checks, stocks, dividends, just to name a few.

After the companies lose contact with people associated with these properties, they turn them over to the Fla Department of Financial Services, and the funds, totaling hundreds of millions each and every year, become what is known as unclaimed money or unclaimed property. Florida unclaimed money never actually belongs to the state, but they are charged with holding on to it until the rightful owner steps forward to claim it.

The process of turning that missing cash in to found funds is easy if you know what you are doing. Many people make the mistake of searching just once at some third party site that made inaccurate claims about its unclaimed money database. Others only search FL’s unclaimed property list. Beyond that, one of the most common mistakes people make time after time, is just searching once.

Searching just once doesn’t take in to account that in accordance with varying dormancy periods on forgotten funds, these properties are turned over at different times. This means that if you search for unclaimed funds in FL just today, but your money haven’t been turned over to the state until the following day (or next week, month, or year), you’d never locate it. For this reason (among others), searchers should steer clear of internet sites that charge “per search”.

Many people hunting for Florida lost assets simply do not realize that their funds might be in the hands of government offices in other states. What if your insurance companies or corporate headquarters of a former employer were in other states? When the dormancy periods end, your unclaimed gov money will be handed over to those other states, so digging through Florida missing cash database would be pointless.

Although FL’s $1 billion is a lot, looking at the records of other states regularly is important in the Sunshine State in particular, because the state houses so many transplants. It is not a secret that FL is a haven for retirees, but most didn’t live there in their younger days.

Despite the fact that FL doesn’t put any time limits on locating and taking back your property, most people would obviously choose to be reunited with money sooner rather than later. On top of that, if the cash belonged to a passed relative, the process of proving that you are the rightful heir can take a little more work than reclaiming your own forgotten funds, so it is of the utmost importance to get started as soon as you can.

The majority of people think it’s not possible for them to have ever forgotten or abandoned cash, but you would be stunned at how many really do. The reality is that the majority of citizens are owed some type of unclaimed money, so people owe it to themselves to search.

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Unclaimed money is big boon for SD
PIERRE — In the next few years, South Dakota’s state treasury is expected to start receiving a large annual windfall of cash that belongs to people who don’t live here. If experience holds true, much of this money, known as unclaimed prope …

Good Morning America Unclaimed Money
Mississippi Animal Rescue Gets $13,624 in unclaimed funds. Vicksburg Warren Humane Society gets $13,624 in unclaimed cash. There are a dozen different sources you can search to find your own forgotten money. The states are the place to begin your search …

Long Beach alderman helping others find unclaimed money
Dozens of Long Beach residents have received hundreds, even thousands of dollars for doing absolutely nothing. It sounds too good to be true, but it’s not. Owner of Claws and Paws in Long Beach, Valerie Thomas, got a call saying she had $400 waiting for her.

IRS unclaimed refunds: The IRS owes you $1 billion (some of you, anyway)
Did you claim your refund? The IRS reports that $917 million in unclaimed refunds from 2009 will be theirs to keep as of April 15. If your paycheck withheld more than you owed, there’s no penalty for filing your taxes late — but after three years, the feds get to keep your unclaimed refund.

NYers invited to check for unclaimed money
ALBANY, N.Y. — State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs.

Help! The state won’t give me my money back
In 2011, states returned $2.25 billion to 2.5 million claimants — less than 6% of the total unclaimed funds held in state accounts. NEW YORK (CNNMoney) States say they are trying to find the rightful owners of $41 billion in unclaimed money and …

Govt to analyse data on unpaid investor money lying with cos
In its efforts to protect the interest of investors, the Corporate Affairs Ministry plans to analyse data on unpaid and unclaimed money lying with various companies, besides drawing up a list of entities that are non-compliant with such norms.

Even President Obama is owed unclaimed money
States are holding on to billions that residents don’t know they have. That money becomes state revenue if not picked up. Think government officials are getting too much money as it is this tax season? Well even the president has some unclaimed cash …

2013 Pittsburgh Unclaimed Funds (PDF)
The city of Pittsburgh owes money to 900 residents, in amounts ranging from $1 to $26,000. This PDF file contains a list of names. Listed residents have until April 1, 2013, to claim these funds before the money gets forwarded to the state.

IRS really does have millions in unclaimed refunds
It sounds like an e-mail scam, but this one is actually true. The Internal Revenue Service has hundreds of millions of dollars in unclaimed 2009 tax refunds, and you may be eligible for the money .

March 15, 2013

Unclaimed Assets in Illinois

Filed under: Uncategorized — admin @ 3:05 am

In May 2007, IL State Treasurer State Treasurer Alexi Giannoulias stated that the state’s “Cash Dash” abandoned asset program currently holds nearly 1.4 Billion dollars in Illinois unclaimed money. The only thing getting between the cash and its true owners is the knowledge that it’s out there and the knowledge to locate it.

Sadly beyond just IL, state treasury departments across the country keep on taking in more unclaimed money every year than they hand back to the citizens. Because everyone believes in the old “if it’s too good to be true” saying, the majority of people refuse to believe that there are really tens of billions of dollars waiting to be claimed across the country. Even for those few who have realized the truth about unclaimed cash, the best way to track these monies down eludes them in most cases.

The Prairie is State is one of those rare states that holds over 1 billion dollars on its own, which means if you are a resident of IL then you have even better odds of tracking down a claim in your name, especially after you factor in that the state has less than 13 million people and there are more than 10 million names on the state’s IL list.

Although there are many more, IL lists the following as the most common sources of forgotten funds: unpaid wages or commissions, abandoned savings and checking accounts, bonds, stock, un-cashed dividends, mutual funds, credit balances, customer deposits or overpayments, safe deposit box contents, money orders, refunds, paid-up life insurance policies, travelers checks. People who have had or know someone who might have had one of these accounts at some point in the past is encouraged to search regularly.

The IL State Treasury has returned over $432 million since it took over the unclaimed money program in 1999, 84 million dollars of which was given back in 2006 alone, but with 1.4 Billion dollars waiting to be claimed and more coming in every year, the heap of cash will keep on growing.

Because money is always being added to the fund, it’s very important to search regularly, not just once. Money belonging to you might be added tomorrow, or next week, or next month, or depending on the type of property in five years if that’s the proper dormancy period. Each type of property has its own dormancy period in each state, after which state laws require the holder to hand it over to the state who will then hold on to it until the true owner comes forward to claim it.

Further, residents of IL might be owed unclaimed money in other states even if they have never resided in or even set foot in them. Items like insurance overpayments when an employer uses an out of state insurance company can result in found money located in other states. Issues often also arise when corporations’ headquarters are in another state.

The bottom line is that the state of IL is currently home to a massive amount of money that is owed to its residents who just need to learn the proper ways to search, where to search, and how often to search. Learning these search tips from locators with years of experience in this field can give you a boost in your abilities to locate your money.

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Do you have unclaimed property or money?
SALT LAKE CITY — Sweeter than honey, Utahns may only be a mouse click away from learning whether the Beehive State has missing property or unclaimed money in your name or that of a loved one. Suffering from varying levels of unemployment, a record rate …

IRS unclaimed refunds: The IRS owes you $1 billion (some of you, anyway)
Did you claim your refund? The IRS reports that $917 million in unclaimed refunds from 2009 will be theirs to keep as of April 15. If your paycheck withheld more than you owed, there’s no penalty for filing your taxes late — but after three years, the feds get to keep your unclaimed refund.

Help! The state won’t give me my money back
States say they are trying to find the rightful owners of $41 billion in unclaimed money and valuables “abandoned” at banks and other corporations. But some of the people who have tried to get their property back are finding it next to impossible.

Even President Obama is owed unclaimed money
States are holding on to billions that residents don’t know they have. That money becomes state revenue if not picked up. Think government officials are getting too much money as it is this tax season? Well even the president has some unclaimed cash …

2013 Pittsburgh Unclaimed Funds (PDF)
The city of Pittsburgh owes money to 900 residents, in amounts ranging from $1 to $26,000. This PDF file contains a list of names. Listed residents have until April 1, 2013, to claim these funds before the money gets forwarded to the state.

The state won’t give me my money back!
States say they are trying to find the rightful owners of $41 billion in unclaimed money and valuables “abandoned” at banks and other corporations. But some of the people who have tried to get their property back are finding it next to impossible.

$917M in Unclaimed Tax Refunds to Expire April 15
IRS has nearly $1 billion in unclaimed tax refunds about to expire; money owed to 1M taxpayers

IRS has $917 million in unclaimed 2009 tax refunds
2009 tax returns must be submitted by April 15 of this year. If you miss that deadline, your money will be handed over to the U.S. Treasury. You won’t be dinged with a late filing penalty if you’re indeed owed a refund. But if you owe taxes for …

Rs 2,500cr lying unclaimed in bank accounts
Peel off the mystery behind the sum as large as Rs 25 billion sitting idly for more than a decade in 1.12 crore accounts and you will know that it’s nothing but ‘suspense’ money. Indeed, that is what it is. Activist S C Agrawal filed a Right to …

March 12, 2013

Massachusetts Unclaimed Money and Funds

Filed under: Uncategorized — admin @ 6:05 pm

Of the literally tens of billions of dollars in unclaimed money across the country, over one billion of it is in the state Mass. alone. Massachusetts unclaimed money keeps on rolling in at an average of more than $200 million each year, which far exceeds the amount of money returned to its owners, so it is clear that the $1 billion will only continue to grow.

Although there have been recent efforts to reunite the citizens with their money, the Mass. Dept. of the State Treasurer continues to take in more abandoned assets than it returns every year. What’s the reason? There are a number of them, but the primary reason is because most people still haven’t accepted that these monies are real. For starters, many have never even heard of unclaimed money, and a large portion of those who have often quickly dismiss the phenomenon as some type of scam because they can’t believe that their fellow citizens could actually forget about tens of billions of dollars. Of the select few who are aware that this cash is out there, only a small percentage are informed enough to perform a full search and reclaim all of what is owed to them.

The folks who have never even heard of unclaimed money will eventually figure things out, but for now they are on their own. For those people who take the “too good to be true” position, and assume this is all a scam, all they have to do is contact their state’s treasury dept. to get confirmation. They’ll be pleasantly surprised and anxious to start searching. Those who are ready to get their unclaimed property search started should study tips from a professional before spending a lot of time and potentially not getting anywhere.

Mass. residents often try to find Mass. unclaimed money by just searching their name on the first website they stumble upon. Operating this way could not be more incorrect. For starters, a lot of these sites are claiming to have a “database” when in fact they are using bogus databases stuffed with name combinations to give results showing a claim is owed for just about every name, even when there is not. Aside from these bogus databases, even the state’s unclaimed listings can be very out of date.

The State Treasurer has stated that unclaimed money in Mass. can come from the following sources: savings accounts, checking accounts, unpaid wages or commissions, underlying shares, stocks, customer deposits or overpayments, refunds, uncashed dividends, credit balances, certificates of deposit, money orders, paid-up life insurance policies, safe deposit boxes, uncashed benefit checks, and gift certificates. These are considered abandoned after a certain number of years of inactivity (usually 3, but up to fifteen depending on the type).

Until an asset is deemed “abandoned”, it is not passed along to the state, and that is why a search might not turn up any records in your name. Further, the state does not instantly add records in the database the minute they take control of them. It all depends on when the state gets around to having an employee physically add the information to their system. What this means is that you need to search frequently. A single search won’t cut it if you intend to be confident that you have explored all potential claims.

In addition to the issues raised above, there are countless other obstacles that often make the difference in whether a resident of the Bay State locates their missing money or not. It would be a good idea for anyone who is serious about finding real cash to seek the assistance of someone with experience in this area before getting in the game.

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Long Beach alderman helping others find unclaimed money
Dozens of Long Beach residents have received hundreds, even thousands of dollars for doing absolutely nothing. It sounds too good to be true, but it’s not.

NYers invited to check for unclaimed money
ALBANY, N.Y. (AP) – State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs.

2013 Pittsburgh Unclaimed Funds (PDF)
The city of Pittsburgh owes money to 900 residents, in amounts ranging from $1 to $26,000. This PDF file contains a list of names. Listed residents have until April 1, 2013, to claim these funds before the money gets forwarded to the state.

NYers invited to check for unclaimed money
ALBANY, N.Y. — State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs.

Lawmakers Scramble for Unclaimed Lottery Prizes
In Wyoming, where lawmakers are trying to start a new state lottery agency, the unclaimed prize money has become the subject of an intricate power squabble. Members have been shading the prize legislation to change which agencies controlled the money and …

March 10, 2013

Virginia Unclaimed Funds

Filed under: Uncategorized — admin @ 8:05 am

The Commonwealth of Virginia is waiting for Virginians to come forward and reclaim their missing money. The state currently sits on top of a pile of VA unclaimed money totaling in the tens of millions of dollars. Over $27 million was returned to Virginians in 2005, but that’s only a small slice of what is yet to be claimed.

The state of Virginia, like every other state, continues to take in more unclaimed funds than it returns to citizens, mainly due to the fact that the majority of people are simply unaware of these monies, and those that are aware, don’t know the proper way to track them down. There is a right way and a wrong way to search, and sadly most people haven’t learned the correct way.

According to the Unclaimed Property Div of the VA Department of the Treasury, VA unclaimed money arrives from a number of sources, which include (but are certainly not limited to): savings and checking accounts, underlying shares, wages or commissions, credit balances, dividends, customer deposits, credit memos, gift certificates, refunds.

People don’t need to currently reside in VA to be owed unclaimed property, especially sense the majority of accounts must be abandoned for 1 to 3 years before they are handed over to the state, and laws governing other types do not require that they be handed over for seven, ten, even fifteen years! Moving out of state doesn’t mean that you’ve given up your rights to the money at all.

In addition to people who’ve moved out of state, some people may have never lived in The Commonwealth of Virginia. For example, some folks work for companies that have their headquarters in VA. Additionally, insurance companies are often located outside of the home state of the insured person. For these reasons, items like refunds, premium overpayments, and stocks might exist as unclaimed cash in VA, even if the rightful owner has never even set foot in the state!

People who live in VA should also search in other states where there is a chance they are owed money, for the same reasons that people who don’t live in VA should search the state’s listings.

There are a number of roadblocks that often prevent people from tracking down their missing money, but most of them boil down to being uninformed about the best way to search. Not only do most people get in their own way by checking the records in only one state, usually the one they live in, but they also tend to search once and call it quits.

As was mentioned earlier, each type of VA unclaimed property, and unclaimed property in all other states, have their own individual “dormancy periods” (amount of time that must pass before the funds are handed over to the state to hold until you claim them). In addition to some property types having long dormancy periods, states do not update their searchable records immediately, which means if the state is holding your monies, you may not find a record when searching, if they haven’t added it to their system.

If a citizen searches their name on Monday, but the VA Department of Unclaimed Money didn’t get around to adding the record of their monies until Tuesday, or the following week or month, the search might come up empty.

These are just a few of the hurdles that often get in the way of people trying to locate VA unclaimed funds for the first time, which is why it is imperative that you find someone with experience in this field to help you through the process to track down all potential claims.

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Nearly $2 Billion In Unclaimed Money Owed To Pennsylvanians
The state treasurer returned more than $17,000 in unclaimed property to the United Steelworkers today.

Discovering Unclaimed Money by Individual Title
Pressbox (Press Release) – Absolutely free unclaimed funds searches had been a key that was acknowledged to very handful of individuals, but with time and introduction of online, men and women are turning into conscious of the added benefits their …

Unclaimed funds recovered by schools, WNYT employees
ALBANY – When we went looking for money that’s been lost, we didn’t have to look far. Discovering that some employees right here at NewsChannel 13 had cash coming they didn’t know about. Like Bob Kovachick. 50 bucks waiting for Bob at the State Comptroller …

NYers invited to check for unclaimed money
ALBANY, N.Y. — State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs.

State Comptroller: State wants to return unclaimed funds
State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners…

State Comptroller: State wants to return unclaimed funds
State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs. Residents can also …

Long Beach alderman helping others find unclaimed money
Dozens of Long Beach residents have received hundreds, even thousands of dollars for doing absolutely nothing. It sounds too good to be true, but it’s not.

March 7, 2013

Unclaimed Money in Minnesota

Filed under: Uncategorized — admin @ 11:05 pm

Of the tens of billions of dollars in unclaimed assets across the nation, the North Star State is holding more than $300 million. Minnesota is known for freezing cold weather, but most people do not know about the mountains of cold hard cash in the form of Minnesota unclaimed money. The greatest part about all of these millions is the fact that they belong to average citizens across the state who only need to track them down and claim them.

It’s easy shrug off unclaimed property as a myth because it is difficult for the majority of us to believe that our neighbors (and ourselves) simply abandoned large amounts of cash throughout our lives and that it is all just out there under our noses, waiting to be found. A quick phone call to Minnesota’s Dept. of Commerce, or the State Treasury Dept. in any other state will put your scam concerns at ease. This cash can be easily found by those citizens with a little studying on the matter.

The reason unclaimed property totals have grown so greatly across the nation is because most people do not even know this cash exists, and those that do still haven’t been properly trained to search for these monies. There are quite a few obstacles that get in the way of beginners who are hoping to find their forgotten funds, that are easy to overcome if searchers know what they’re doing.

One of the main mistakes people make when looking for abandoned assets, is searching their name at whichever site they first run across and ending their search there. To start with, very few unclaimed cash web sites have reliable databases, and even when viewing data straight from the state, the information is only as good as the people updating the system. These assets are handed over to the state all the time, but that does not mean each name is added the moment the state takes control of it.

If a Minnesota resident checks for Minnesota missing money on Monday, but an employee at the Commerce Dept. did not update their database with that resident’s record, then the resident would be incorrectly told they weren’t owed money. Now, consider the fact that assets can be handed over all year, and that a lot of account types aren’t required to be handed over to the state for 3 to 5 years, and longer in some cases. What we learn from this is that searching multiple times, often in fact, is one of the most important tactics a searcher can put in to action, and one that all professional finders use all the time.

There are also a number of reasons why Minnesota residents may be owed money by other states, and residents of other states may be owed Minnesota unclaimed property. These often have to do with the location of corporate headquarteres of employers and insurance companies. For these reasons, people should not ever limit their searches to just their home state or they could miss out on significant chunks of cash with their names on it.

For further explanation on these tips and many more, people who are seriously interested in locating all possible funds owed to them should study up on how to perform a complete search and copy the tricks used by professionals in the unclaimed property game.

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NYers can search for unclaimed funds
ALBANY, N.Y. (WIVB) – How does some extra cash sound? The state comptroller is trying to find people owed a portion of $12 billion in unclaimed funds. All you have to do is head to the comptroller’s website and click on the “search for lost …

Unclaimed funds recovered by schools, WNYT employees
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Comptroller DiNapoli: NY residents owed $12 billion in unclaimed funds
State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs. Residents …

Help! The state won’t give me my money back
In 2011, states returned $2.25 billion to 2.5 million claimants — less than 6% of the total unclaimed funds held in state accounts. NEW YORK (CNNMoney) States say they are trying to find the rightful owners of $41 billion in unclaimed money and …

NYers invited to check for unclaimed money
ALBANY, N.Y. (AP) – State Comptroller Thomas DiNapoli says the state wants to return $12 billion in unclaimed money to its rightful owners. Events are being held across the state this month where New Yorkers can find out if some of the money is theirs.

March 5, 2013

North Carolina Unclaimed Cash

Filed under: Uncategorized — admin @ 4:05 pm

As more North Carolina unclaimed money flows in to to the state, than is returned to its rightful owners, the state’s missing cash pile has grown to a record $700 million! These unclaimed funds technically already belong to residents of the state whose only hurdle is learning how to correctly track down all possible claims.

According to the North Carolina Department of the Treasurer, there are over one hundred different types of property that may become “unclaimed” after being dormant for 1-5 years (depending on the type of asset). Of the one hundred kinds, North Carolina lists bank accounts, utility deposits, wages, stocks, insurance policy proceeds, contents of safe deposit boxes and bonds that have been forgotten as some of the most common.

As with unclaimed funds in the other 49 states, the largest roadblock in locating North Carolina unclaimed funds, is generally the knowledge of the searcher. To begin with, not many residents are even aware of these abandoned funds (or they would obviously have not forgotten them in the first place), and the few that are aware, simply haven’t been taught the right way to search.

With almost one and a half million accounts being held by the state, the chances of being owed money have never been better. Every N. Carolinian out there ought to get moving and begin their search. But those who are not educated on finding unclaimed assets might face a lot of wasted time and frustration, unless they first learn the WRONG way to search.

The majority of people seeking to reclaim their lost cash believe that if they can find a website to input their name and click a “search” button, they’ve done all that is needed. This couldn’t be more wrong. To begin with, most databases are not legitimate, and the few that are are only as good as who updates them.

Suppose a person checks their name on Friday, but the person in charge of updating the system hasn’t actually added a record in that person’s name until Saturday. The search would obviously be unsuccessful, despite the fact that the person was owed money. Unclaimed money databases are not updated in real time, so searching often is one of the best search methods to put in play if you would like to be confident in the results of your search.

Records that are out of date are not always the the state’s fault. If the asset just hasn’t been abandoned long enough to be technically considered unclaimed, then it wouldn’t have been turned over to the state. Strict laws dictate how found property is dealt with in each state, so you won’t deal with problems like a bank turning over a bank account after only 6 months, just because you hadn’t accessed it. So again, not finding a record doesn’t mean that you are not due a claim, and you should check again regularly.

As stated above, there are differing “dormancy periods” for each type of asset, which commonly range from 1-5 years. This means that after periods of inactivity exceed those dormancy periods, the companies who hold these properties are required to hand them over to the state if they are unable to locate the rightful owner on their own. At that point, the state will act as a custodian, essentially a “holder” until you claim your money.

There are quite a few problems, on top of the examples of search issues mentioned above that often befall new searchers, which is why it is all the more important that the people of North Carolina allow an unclaimed funds expert to provide them with a thorough guide for navigating the lost cash maze.

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Worker wins $13k for unfair dismissal
A teen worker who pocketed $12 in unclaimed pokie winnings she considered a tip has won over $13,000 for unfair dismissal.

Lawmakers going after unclaimed lottery money
I think they should just put the money into the current MM or PB jackpot. If it's state lottery money then they should roll it into their current jackpot. If it is state scratch off tickets, they should use the money to retire state debts.

ASIC very busy giving back bank bucks
ASIC has been providing the important function of returning unclaimed money in the areas of banking, life insurance and corporations. This service is actively promoted through our website moneysmart.gov.au and is well known to the Australian public …

Coudert Liquidator Sues States, DC Over Unclaimed Funds
Law360, New York (March 04, 2013, 3:10 PM ET) — The administrator overseeing the liquidation of defunct law firm Coudert Brothers LLP on Wednesday sued top financial officers in six states and Washington, D.C., seeking thousands of dollars in unclaimed …

Teen fired for taking tip money gets compo
The ERA said her employer had failed to undertake a thorough investigation into the circumstances surrounding the unclaimed money being taken. Had her boss done carried out a more in-depth investigation, it would have been found that Ms Hammond learned her …

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