According to the KY State Treasurer, the state is currently holding more than 150 million dollars in unclaimed funds that’s owed to the citizens. The only things standing between 200 thousand citizens and their piece of the pie are knowledge of these abandoned assets, and the ability to track down and reclaim their Kentucky unclaimed money.
The KY State Treasury sounds off about how much cash it has returned in the past 13 years, “In 1994, the General Assembly transferred responsibility for the unclaimed property fund to the Kentucky State Treasury. Since then, about $28 million has been returned to rightful owners.” 28 million dollars sounds like quite a bit, however when you spread that out over 13 years, they’re only giving back a little more than 2 million dollars per year, on average. Far more than that is handed over to the state annually, so the 150 million dollars the state is currently holding will certainly grow larger. Even if KY was to no longer take any more forgotten funds today it would still take them seventy-five years to hand back the 150 million dollars currently being held, based on the current rate of 2 million dollars per year.
It isn’t surprising that most people just dismiss the idea of unclaimed funds as some type of scam, because it’s difficult to accept that there are billions of dollars across the nation that people simply forgot about over many years. Who ever just “forgets” that they have cash somewhere? It appears that quite a number of people. Not surprisingly, the states (including KY) lack the resources to track down every single person who is owed missing money. Government doesn’t do much efficiently, why would giving money back to the people be any different? Citizens of the Bluegrass State should take matters in to their own hands if they ever want to experience the joys of found funds.
While there are many different potential sources of lost assets in KY, the State Treasury’s website lists the following as the most common types: dormant savings and checking accounts, unclaimed wages, dividends, credit balances, and any type of outstanding checks.
A popular misconception is that you should only check for unclaimed funds in your home state. This could not be more wrong, not just because a lot of people have lived in multiple states throughout their life, but additionally because you don’t have to have lived in or even visited a state that might owe you money. Many people are employed by companies that have their headquarters in another state. If these companies owe people money, but are unable to track them down, the cash is supposed to be reported to the state where the company is incorporated.
In addition to checking the records of multiple states, people need to check more than once, because unclaimed funds databases are only periodically updated. If a property hasn’t been dormant long enough to be considered “unclaimed” by the state, the holding company will not have handed it over, which means the state won’t have any record of it. Often times, even after the state has been given a particular account, their database still won’t have a record of it for some time, because someone who works in the unclaimed funds dept. must physically add the listing to the state’s system.
With these issues, and countless more, it’s no wonder that residents have trouble finding their cash. As these mountains of cash grow, so does the confusion about how to find it, so it is more important than ever to seek the help of a professional in this field to aid you in your search.
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