The most southern of the Dakotas may be home to the country’s treasure that is Mt. Rushmore, but ND has its own treasure that is nothing to sneeze at. According to the website of the State Land Department, there is currently more than $23 million in North Dakota unclaimed money, waiting to be reunited with the residents who lost track of it some time in their lives. The one thing standing between these citizens and their cash, beyond knowing about the fact that these assets exist, is the know-how to locate them and reclaim them.
North Dakota Residents are blessed to live in a state that is among the top 5 in the nation for percentage of unclaimed money given back to residents. Also keep in mind that the state has one of the lowest populations in the nation, at just over 640 thousand. What this means is that ND residents have excellent odds of locating and claiming back assets that are rightfully theirs.
The main rule of searching for unclaimed money is to search frequently. One of the biggest mistakes searchers often make is to search only once on the first website they come to that has a search box and they end their search there. This does not factor in that the vast majority of missing money sites do not have accurate data, and even the official state databases are often slow to be updated. This is an issue, not only due to the fact that an employee in a state office has to physically input the listing once it has been given to the state, but because there are different periods of time which must go by, unique to each type of missing money, before they are handed over to the state.
Some of the most common types of missing money are stocks, dormant savings and checking accounts, mutual funds, bonds, wages, refunds, salary, payroll, paid-up life insurance policies, money orders, commissions, deposits, death benefits, uncashed checks, insurance payments, dividends, and others. The majority of those have dormancy periods of 1 to 5 years, which means that if it has only been a year or two when a person searches; they would not find a record for an asset that has a dormancy period of 3 or more years.
In addition to needing to search the correct sites often, many people do not realize that they ought to search listings outside of ND. Believe it or not, a person could actually have never been outside of the state of ND, but have assets owed to them in different states. This occurs when money from insurance companies or employers come from other states. Often times the actual corporate headquarters for an employer exists in a state separate from where a particular employee works. Because of this, unclaimed monies being held by institutions in these situations will be handed over to the proper division of the company’s home state’s treasury dept. What this means is that ND will not ever have any record of this cash, so a North Dakotan who wants to find and claim it will need to use the same search strategies in other states.
These are only a few of the more common issues that plague the searches of uninformed ND citizens. But people can get over these issues, and a number of others, by spending just a little time educating themselves on the search strategies used by professional searchers before putting their own feet in the water.
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