It has been stated by Maryland State Comptroller Peter Franchot, Maryland unclaimed money has surpassed half of $1 billion and is rapidly approaching 600 million dollars. As of May of 2007, the total held at 580 million dollars, and with more unclaimed property that is added consistently outpacing the amount handed back to the citizens, 600 million dollars is just around the corner.
After certain types of assets have been abandoned for three years or more (depending on the type), they are classified “unclaimed property”, and the corporation, insurance company, or financial institution holding them must turn them over to the State Comptroller’s Office. There many different of types of properties that can potentially become unclaimed property, but according to the Comptroller’s web site, the most common in Maryland are: wages, stock dividends, security deposits, contents of safe deposit boxes, bank accounts, insurance benefits.
The residents of Maryland should consider themselves lucky, because they live in what is known as a “custodial state”, which means there is never a time limit for them to claim their abandoned assets, and after a person passes away the rightful heirs may still claim it. But residents do have to act quickly on safe deposit boxes, because their contents will be auctioned off. The rightful owner can still at any time come forward and claim the auction proceeds, but if the item is of personal value, it might be gone forever.
Maryland missing money is not only for current residents, though. American citizens who used to live in Maryland may be due a claim, and even people who have never even been to the state, in some instances. When corporations that have businesses in multiple states across the nation, they are supposed to hand over forgotten funds to the state in which the corporation has its headquarters. So if a citizen has ever worked for a company that calls Maryland it’s home, they could be owed lost property, even if a search of the person’s own home state’s records didn’t turn up anything.
Because of the reasons stated above, Maryland residents should search the records of any other states where they may have lived or held a job or had business interests, even if they did not know it. Each state maintains its own list, so checking the records of just one state does not come close to being a complete search.
On top of searching multiple states, you should search them often. The Reason? Because you don’t know when they last updated the listings. For starters, the wide ranging dormancy periods are coming to an end for thousands of properties all of the time, but until they’ve surpassed this period, the state is not even aware of the money. Even after they’ve taken control of the funds the states often take a while before adding the account to their system. It takes an employee - someone actually adding the record - and we are all aware of how efficient government can be, aren’t we? Searching regularly is rule number one.
There are quite a few tips to help track down lost money that most beginners aren’t aware of, but a seasoned expert can teach people the “ins and outs” of locating funds owed to them to save them time and frustration, which often hinders people in their quest.
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