As of September 2007, Nevada’s state treasurer, Kate Marshall stated that the state of Nevada currently holds more than 200 million dollars in Nevada unclaimed money that is owed to 700,000 Nevadans. And despite recent efforts, after a lot of criticism in 2006, the Nevada unclaimed funds division continues to take in more cash than it returns each yea.
Marshall notes that NV has increased its unclaimed funds returns to 350-700 claims per week. That’s nothing to sneeze at, and Nevada’s treasury dept. should be commended, but when you consider the fact that at that rate it would take 20-40 years before they’d ever return all currently listed claims, it is nothing to get terribly excited about, especially once you consider the amount of additional money that would be turned in over those 20-40 years!!!
The bottom line is that people cannot rely on the the state of Nevada to reunite them with their assets. The citizens have to take action themselves, if they ever want to be certain that they’re thoroughly searching and exploring all possible sources of Nevada unclaimed funds. The state treasury definitely has without a doubt stepped up their efforts, but they have a long way to go, and I think we can all agree that we the people can be far more efficient than any government agency will ever be.
The following are the most common types of unclaimed property in Nevada: Checking/Savings Accounts, Stocks, Over-Payments, Vendor Checks, Death Benefits, Paid-in-full Life Insurance, Certificates of Deposits, Unpaid Wages, Uncashed Checks, Credit Balances, Money Orders, Gift Certificates, Commissions, Customer Deposits, Refunds, Insurance Payments, Dividends. If you or anyone you know has ever held one of these, you should learn the proper way to search for missing money.
Each of the different types of unclaimed property sources listed above has its own individual dormancy period. The dormancy period is the amount of time that must pass before the abandoned money can be considered “unclaimed” and handed over to the state treasury. Depending on the type of asset, the dormancy period can be anywhere from one to fifteen years. This is important to know, because normal online searches will not show a record unless the dormancy period has gone by, and the state treasurer has taken hold of your money.
Beyond the fact that the dormancy period must pass before there will be any sort of online record of your cash, there is also the matter of when Nevada updates their unclaimed funds records. Databases are not updated daily, so you cannot be confident in your search results if you look and do not track anything down one day, and the state just happens to not add a record of your assets until the following day, week, month, or even year. For this reason, rule #1 of tracking down missing money is to search often.
Additionally not all money owed to Nevada citizens is in the state of Nevada. Many people have resided in other states before relocating to Nevada, while others have had dealings with out of state entities, even if they didn’t realize it. For example, a lot of companies have locations in multiple different states, but they’re headquartered in just one particular state. The same can be said of insurance carriers. So even if a company has locations in 20 states, including Nevada, if the company they use for insurance benefits for employees is headquartered in some other state, Nevada wouldn’t ever have a record of that cash.
In addition to the problems mentioned above, there are countless other problems that people often run in to when searching for unclaimed funds in Nevada, which is why it is all the more important you get expert assistance in tracking down your money.
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