Despite returning a record 26.2 million dollars in Connecticut unclaimed money in the year 2006, there are still tens of millions of dollars in abandoned assets waiting to be located and claimed by the true owners - average people who simply abandoned or forgot about these properties for one reason or another.
Recent efforts by the CT State Treasurer’s “The Big List” program have given back $110 million back to CT residents in just the last 8 years, but much more money continued to come in than was returned so the mounds of unclaimed property held by the gov. keep on growing. Due to the fact that new unclaimed cash outpaces the return rate, the odds of finding a claim for any given name are getting better every day.
A lot of people wonder how unclaimed property could be real, because the fact that across the nation there are billions of dollars waiting to be found by the rightful owners simply seems impossible. How could these people abandon their money? Are they crazy? No, they’re just normal people, and it has been estimated that 7 out of every 10 citizens are owed some kind of claim!
So how is all this money being abandoned without the owners knowing it? In most cases it is as simple as forgetting about a savings or checking account that was not a primary account, or not providing a forwarding address to all the necessary people when a person relocates. Further, the State Treasurer’s site lists the following as common types of lost assets in CT: safe deposit box contents, stocks, life insurance policies, travelers’ checks or money orders, deposits, uncashed checks, and bonds or mutual fund shares.
As these various types of accounts lay untouched past their dormancy periods (unique for each account type in each state), they are turned over to the state to be held until the owner comes forward to claim them. So if the dormancy period on a particular account doesn’t run out for another few years, a person searching today will not find a record of their abandoned assets, even though it’s out there in pre-escheat, which means that the dormancy period has not yet expired. Further, states do not have a uniform law dictating when the records are actually updated in their databases so a person could in theory search and not find anything, while the record is added the following day, week, month or year. The only real way to be thorough about your search is to search often.
In addition to limiting themselves to a single search, inexperienced searchers often search just the state they reside in, not knowing that there is a possibility for unclaimed property owed to them in states they have never lived in or even been to, for a variety of reasons such as insurance company headquarters or employers’ corporate headquarters.
The issues mentioned above, among others, can be worked around once people learn about proper search tactics. Using the advice and guidance of experienced unclaimed asset finders often makes the difference in whether or not a person with limited knowledge in this area finds all money owed to them or not.
[TAGS]unclaimed money in ct, unclaimed money in connecticut, ct, ct found money, ct lost money, ct missing money, ct unclaimed, ct unclaimed assets, ct unclaimed cash, ct unclaimed funds, ct unclaimed money, ct unclaimed money search, ct unclaimed property, ct unclaimedmoney, connecticut, connecticut found money, connecticut lost money, connecticut missing money, connecticut unclaimed, connecticut unclaimed assets, connecticut unclaimed cash, connecticut unclaimed funds, connecticut unclaimed money, connecticut unclaimed money search, connecticut unclaimed property, connecticut unclaimedmoney, connecticut unclaimedproperty, connecticutunclaimedmoney, ctunclaimedmoney[/TAGS]
-
Comptroller: Scammer tried to claim dead Irvington woman’s money (The Journal News)
An upstate woman has been convicted of fraud after trying to get about $1,200 in unclaimed funds from the state by falsely claiming she was the niece of an Irvington woman who had recently died, the state comptroller and a local prosecutor said Friday.
Missouri lawmakers have unclaimed funds held by state - Jefferson City News Tribune Online
About one out of every seven Missouri lawmakers has some money waiting for them in the capital, and many may not even know it. An Associated Press review of the Missouri treasurer’s online unclaimed property database showed that 12 senators, 16 …
Woman finds unclaimed 1978 insurance check - Dayton Daily News
LAUDERHILL, Fla. — An 85-year-old South Florida woman who went looking for a photo of her ex-husband says she found a $17,500 insurance claim check from 1978 instead. Barbara Cosgrove found the check, dated Jan. 23, 1978, in an unopened envelope …
The Investigators: Missing MED money FOUND - WMC-TV
MEMPHIS (WMC TV) - City suits, state pols and hospital ‘crats toured the Regional Medical Center of Memphis Friday to encourage raising money for the cash-strapped, publicly funded hospital. They probably should have toured the Tennessee Treasury …
Business Spotlight: Indiana Benefits Recovery (Fort Wayne Journal Gazette)
Address: 1830 Wayne Trace At a glance: Indiana Benefits Recovery finds unclaimed money and then searches for the rightful owner, sometimes the next-of-kin for someone who is deceased. The company makes its income by taking a percentage of the money found with life insurance companies, banks, pensions, estates and other sources.
Federal Money to Help People on Welfare Get Jobs Goes Unclaimed (Georgia Public Broadcasting)
Congress has set aside billions of dollars to help states find jobs for people on welfare, but most states including Georgia haven’t claimed their share. The federal government has doled out just $1 billion of the $5 billion package. The program will expire at the end of September. Many states…
Entries (RSS)