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.
[TAGS]unclaimed money in ga, unclaimed money in georgia, ga, ga found money, ga lost money, ga missing money, ga unclaimed, ga unclaimed assets, ga unclaimed cash, ga unclaimed funds, ga unclaimed money, ga unclaimed money search, ga unclaimed property, ga unclaimedmoney, georgia, georgia found money, georgia lost money, georgia missing money, georgia unclaimed, georgia unclaimed assets, georgia unclaimed cash, georgia unclaimed funds, georgia unclaimed money, georgia unclaimed money search, georgia unclaimed property, georgia unclaimedmoney, georgia unclaimedproperty, georgiaunclaimedmoney, gaunclaimedmoney[/TAGS]
-
Winning AZ Lottery Tickets Unclaimed
Arizona Lottery officials say two winning tickets still remain unclaimed including one for a $1.2 million jackpot.
Unclaimed Funds For Appliance Rebates Up For Grabs
Kentucky First Lady Jane Beshear announced Thursday that nearly $1.7 million in unclaimed funds remain in the Kentucky Energy Efficient Appliance Rebate Program.
2 winning Arizona Lottery tickets still unclaimed
PHOENIX (AP) - Arizona Lottery officials say two winning tickets still remain unclaimed including one for a $1.2 million jackpot. Officials say the $1.2 million jackpot is for The Pick drawing on July 7. The ticket was sold at an Albertson’s store on Hayden and Indian Bend roads in Scottsdale.
2 winning Arizona Lottery tickets still unclaimed
PHOENIX (AP) Arizona Lottery officials say two winning tickets still remain unclaimed including one for a $1.2 million jackpot. Officials say the $1.2 million jackpot is for The Pick drawing on July 7. The ticket was sold at an Albertson’s store on Hayden and Indian Bend roads in Scottsdale. Also unclaimed is a Pick 5 ticket worth $667,000 from the July 10 drawing. That ticket was bought at a …
Unclaimed cash for social projects
David Cameron is to set out plans to use hundreds of millions of pounds stuck in unclaimed bank accounts to fund social projects in a bid to kick-start his “Big Society” project. Related Stories Four servicemen killed in 24 hours Afghan troops lead major operation Boy, 15, charged over fatal knifing Child prisoner restraints revealed Police start drilling at Tobin home
Celebrities due unclaimed cash in New York
ALBANY, N.Y., July 17 (UPI) — A New York state database of unclaimed accounts says movie star Angelina Jolie and ex-Yankees Manager Joe Torre are among those who have money coming to them. New York - Angelina Jolie - Joe Torre - United States - Business and Economy
Database lists lost pension benefit holders
Theres money waiting that you might have forgotten about, and by money, I mean $197 million owed to 36,000 persons nationwide.
Unclaimed cash for social projects
David Cameron is to set out plans to use hundreds of millions of pounds stuck in unclaimed bank accounts to fund social projects in a bid to kick-start his ‘Big Society’ project.
Unclaimed Funds For Appliance Rebates Up For Grabs
Kentucky First Lady Jane Beshear announced Thursday at the GE Appliance Park in Louisville that nearly $1.7 million in unclaimed funds remain in the Kentucky Energy Efficient Appliance Rebate Program. During phase one of the program, residents could “reserve” rebates. Nearly half of Kentuckians who reserved a rebate have not purchased an appliance, making those unclaimed funds now available …
Entries (RSS)