Given that the Department of Finance’s Division of Revenue took in over $364.9 in Delaware unclaimed money in 2006 alone, it’s safe to assume that the state is holding many more hundreds of millions, if not over a billion dollars in lost money, that belongs to regular people who simply need to step forward and claim it. There are tens of billions in abandoned assets across the nation, but DE holds a disproportionately large chunk of it because it is home to so many corporations’ headquarters.
On top of the issues of not knowing how often and where to search, the majority of Americans don’t realize that they could be owed DE unclaimed property even if they’ve never lived in or been to the The Small Wonder. Over the years DE has turned in to the go to state for putting down a company’s headquarters. When companies have locations and branches in multiple states, unclaimed paychecks won’t be handed over to the treasury departments of those states, they will be turned over to DE. For this reason, a person wanting to track down abandoned assets wouldn’t find a record of their property in the state they live in, and would probably never check DE’s records.
In addition to non-DE residents potentially finding unclaimed property in DE, DE residents could be owed cash from other states. To start with, there are obviously many companies that are incorporated in other states that have employees in DE, but there are still other reasons, like insurance overpayments, that might leave a DE resident’s lost cash stuck in another state.
Once people become aware of unclaimed property, and even once they realize that they could be owed money from multiple states, they tend to do one quick search and think whatever the search results say is all there is to it. Sadly, not all unclaimed property sites are the same, and there is not one search that can check the databases of all states. Even when you break it down to the state level, the records are often very unreliable because they aren’t updated in real time.
Each state has its own laws that spell out when unclaimed properties must be handed over to the department that deals with these types of assets in that state. And each type of account (dormant bank accounts, lost or forgotten uncashed checks, stock or bonds, dividends & bond interest, insurance proceeds, utility refunds, safe deposit box contents, etc.) has its own unique dormancy period, which is the time that must pass before the monies are classified as “unclaimed”. For this reason, different money is turned over to each state all the time, and the states update their records whenever they have the manpower and time to do so. Because of this, anyone serious about finding all possible money claims must search frequently, in addition to learning where to search and where not to perform a search.
These hurdles, among others, can seem overwhelming to a confused beginner in the found money arena, but now searchers can use guides written by professionals in the field to jump the hurdles that often plague rookies. For those who think they can manage their cash better than their state treasurer’s department, you owe it to yourselves to learn all about the best ways to search and then get going ASAP.
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Vt. has $1.7 million in unclaimed tax refunds (Boston Globe)
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