Most people know Tennessee is famous for its country music and world famous BBQ, but the state is also home to a lesser-known treasure - unclaimed property. In fact the TN Treasury Department adds tens of millions of dollars in Tennessee Unclaimed Money to its rolls annually, and just a fraction of it ever gets reunited with the rightful owners. In turn, this pile of cash grows larger and larger annually.
The TN Treasury Department %took in% roughly $40 million in unclaimed property in 2006 alone, and was only able to return $20 million to the rightful owners. That means that another $20 million was added to the already swollen pile of cash that remains unclaimed. This trend of returning just a fraction of what the state takes in is consistent across the country because of a lack of education about these monies. The fact is, the majority of citizens are just not aware of the tens of billions out there waiting to be found.
States do things like publishing names annually in local newspapers of the residents who are owed cash and setting up tables at local fairs to help awareness, but the message still just reaches a small fraction of the population. Even among the few who are in the know about the potential to track down these lost assets, very few know where to start their search. A lot of people fall in to the trap of believing that any old missing money web site will do, while others don’t understand that they need to search more than one time. There are a lot of issues that uninformed searchers deal with, but those are the most common.
People tend to search the wrong lost money sites because they are under the impression that any web site that lets them type their name in to a search box will do. This couldn’t be more incorrect. For starters, there are very few sites that actually have the official state listings, and even those are generally inaccurate because they aren’t updated in real time. There are many types of unclaimed property, but according to the State Treasurer’s office, TN’s most common are stock certificates, bank accounts, unclaimed wages, checks, gift certificates, refunds. Each type has a unique “dormancy period”, which is the amount of time that mus go by before the holder has to hand the assets over to the state to be held for the owners. Because of this, a search may not show any claims due to the fact that the fund won’t be turned over until the next month or year, or even for a number of years. This is why people should search frequently to be sure they’ve exhausted all potential sources.
On top of the issues mentioned above, beginners will run in to a lot of stumbling blocks that will annoy them in their searches. The only way for TN residents to be certain that they are performing thorough searches is to educate themselves before they begin their search. The best way to do this is to mimic what others are doing. Why make the usual beginner’s mistakes when you can learn from experienced searchers and duplicate their techniques?
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Edward Palonek reminds residents of Indiana to collect their unclaimed … - PRLog (free press release)
Don’t delay in starting your search at foundmoney.com for unclaimed money, you may be richer than you think.
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