Denver CBS affiliate KCNC TV reported in May that State Treasurer Cary Kennedy currently holds more than 50 million dollars in Colorado unclaimed money. Colorado forgotten assets most commonly come from items such as utility refunds, dormant checking accounts, oil and gas royalties, stocks and bonds, uncashed insurance checks, safe deposit boxes, mutual funds, dormant savings accounts, payroll wages, money orders, security deposits, dividends. Residents who might have held one or more of these accounts or other similar accounts are encouraged to search for unclaimed property.
While it is difficult for a lot of people to accept that their fellow citizens could just “forget” or abandon assets that belong to them, it is surprisingly common. It is so common in fact that experts estimate that 7 in 10 Americans are due some sort of claim, and Colorado residents aren’t an exception.
Despite the fact that there are tens of billions of dollars in unclaimed property across the nation (tens of millions in Colorado alone), only a small fraction of it is ever claimed and millions more are added in every state every year. The main reason is the fact a majority of people have never heard of unclaimed property and the handful that have do not have the first clue about how to find them and reclaim them as their own.
One of the first stumbling blocks that most searchers run in to is simply not knowing where to search. The truth is, there is no single website to search on. In fact not every search can be done on the web, so if you limit yourself to just the computer, you may be missing out on some cash.
Aside from not knowing what site to search, many people looking for missing cash believe that one search gets the job done. Aside from the fact that there is not one website that houses all records, all sites are constantly updating their records and the list of names of people due money grows larger every year in each state. In order to be confident that you’ve located all potential claims you need to search regularly. Many people miss claims that were added to their state’s system because they were added the day, week, month, or year after they searched.
Many people who don’t reside in and haven’t ever even been to Colorado are also owed Colorado unclaimed property for a number of reasons. For example, if a person is employed by a company in their home state, but the company has its headquarters in Colorado, things like lost payroll checks may be held by Colorado’s state treasurer’s office, while their home state will have no record of these funds. A similar problem arises when people have insurance policies through out of state companies. This is just one more reason that a single search will not get the job done.
Any way you look at it, the state of Colorado is home to more hills than those Rockie Mountains, it is home to a multi-million dollar pile of missing cash. We can all agree that the citizens are much better at handling their own money than any government agency, so anyone who thinks they might have money coming their way need to take some initiative and get started on their search. Using tips from expert locators can help prevent people from making beginners mistakes that would otherwise prevent them from tracking down their money.
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