It is no secret that the Rocky Mountains run straight through Wyoming, but there’s an even more interesting mountain, one of more immediate interest to the less half of a million people living in the Equality State - a mountain of cash! Currently, the State Treasurer’s Office is holding in excess of $26 million in Wyoming unclaimed money, and waiting for the actual owners to step forward and take what is theirs’.
The State Treasurer’s web site names the following as some of the more common types of property that can become “unclaimed”: savings accounts, deposits, refunds, customer overpayments, insurance policies, endowments, and annuities, checking accounts, credit balances, uncashed dividends, moneys distributable from trusts, uncashed insurance claim payments, safe deposit box contents, stocks, money orders, traveler’s checks. Each of those types of unclaimed money has a unique dormancy period, which is the amount of years that must pass before they are deemed abandoned and law requires that they are turned over to the state. These dormancy periods vary greatly, but are most commonly 5 years in WY.
Even though WY has returned millions of dollars to the actual owners, the vast majority remains unclaimed, and the main reasons boil down to a lack of awareness about these assets. The good news is, WY is a custodial state, which means they will hold these monies indefinitely, and won’t ever take possession of them. There isn’t an expiration date on lost money.
As residents the state with the lowest population, citizens living in WY have excellent chances of discovering abandoned assets owed to them. But the majority of people are not aware that other states might be holding funds belonging to them. You do not even need to have been to another state for another state to be holding your assets. A lot of companies have offices and/or locations in numerous states, but they can obviously only be headquartered in one location. Because of this, employees sometimes lose track of money and not ever realize it even if they search, because the cash is being held by the state where their employer has its headquarters. Similarly, insurance companies often service many states, but they can only maintain one headquarters. Items like insurance overpayments will be handed over to the proper department in the state where the insurance company is incorporated, which isn’t necessarily the state where the insured person lives. These are just a couple of examples of why it’s very important that people search outside of their home state.
Aside from limiting searches to just the home state, beginners usually don’t realize that they ought to search numerous times. In fact, they ought to search regularly. Due to the varying dormancy periods for each kind of unclaimed money, and because someone at the State Treasurer’s Office has to physically put each record in to the system, the missing money list changes constantly. A search may find no record one day, but checking the following day could produce a nice treasure for a persistent searcher.
Experienced searchers have a lot of strategies that give them an edge when trying to locate forgotten funds, and the most successful beginners learn about these and put them to work in their own searches to be certain they’ve found all possible claims.
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