Proof that the problem of unclaimed money is a national problem is evident from the fact that the Maine Unclaimed Property Division owes 122 million dollars to more than 500,000 people spread all over the nation. The money is waiting to be claimed by its rightful owners.
To be more specific, a staggering 578,000 people are owed unclaimed money by the State of Maine. There are some unclaimed funds checks that range from $50 to $100. However, some claims exceed even ten thousand dollars. Now, that is a lot of money.
Do not ignore unclaimed money in Maine. The single largest claim is worth $222,000 plus stock. What if this was owed to you?
Unclaimed money can come into existence from the most ordinary transactions. It may result due to the fact that an individual had deposited money in a savings or checking account and then had forgotten about the same. It could result from inheritances that the inheritor is not aware of. Bonds, stocks, dividends- all can result in unclaimed money. If you have abandoned your money and if it has remained so for three years or more, your money must have become unclaimed money.
That $10.4 million of Maine’s unclaimed funds was repaid last year is touted as a major achievement. However, the truth is that $25 million got added as new unclaimed money last year. The net gain was of -$15 million in the last year.
The residents of this nation must find out whether they are owed Maine unclaimed funds or not.
A simple search, based on your name, is sufficient to determine whether lost fund is owed to you or not. The same can be done for your family and your friends as well. Some of the unclaimed funds databases covers the state databases as well as the federal databases. Do find out whether your friends or family members are owed money or not. Simply searching for your money will not do.
To claim funds, documentary evidence is required. You will have to submit the proof of identification. You may have to submit proof of ownership of funds as well. The states unclaimed assets division sees inflow of unclaimed cash throughout the year. Hence, you must check at least three to four times in a year for Maine unclaimed funds.
Do not restrict your search to unclaimed funds from Maine alone. You may be owed money from another state or from the federal base. Considering the fact that $35 billion is owed to millions in the nation today, you could still be owed unclaimed cash.
You or your immediate family members may be owed unclaimed money. Use the money wisely and enjoy the unexpected income.
By: Nicole Anderson
Posts Tagged ‘Rightful Owners’
Money Management – Maine Residents Owed Millions in Unclaimed Money
February 17th, 2010Ohio Unclaimed Money Totals More Than $1 Billion
December 19th, 2009
Of the tens of billions of dollars in unclaimed property in the United States, the state of Ohio is one of the few states to be home to more than a billion of it. According to the OH Dept. of Commerce’s Division of Unclaimed Funds, that $1 Billion is spread out across 3.5 million different accounts. While thousands of these accounts are returned to their rightful owners, to the tune of tens of millions of dollars, the state takes in another 200,000 accounts annually, worth many more millions.
As with most states, Ohio has trouble returning unclaimed property to its citizens for a number of reasons, not the least of which is disbelief. To put it simply, most people simply are unaware of unclaimed assets and those that have heard of it, often believe it to be some sort of scam, unless they hear it straight from the horse’s mouth. Even those that have accepted the reality of these billions of dollars in lost cash generally don’t know the first thing about finding these funds.
The Division of Unclaimed Funds in Ohio maintains the following as its mission statement: “To improve the quality of service to our customers by collecting unclaimed property equitably, managing the property wisely and effectively, and returning it timely to the rightful owners.” The Division also provides the following list of the most common types of unclaimed money in Ohio – dormant savings and checking accounts, unpaid insurance policies, underlying shares of stock, unreturned rent and utility deposits, forgotten layaway deposits, credit memos, unclaimed wages or commissions, securities, undelivered and uncashed stock dividends, credit balances, uncashed checks, intangible contents of safe deposit boxes.
If a resident of the state of Ohio is to be thorough in their search for missing money, there are a number of things they can do to give themselves a leg up. What it all boils down to is being educated. Learning wear to search and when to search is half the battle. Did you know that not all unclaimed money websites are the same? Did you know that the records are updated sporadically?
If residents of the Buckeye State hope to take their slice of the billion dollar unclaimed property pie, the first rule is to search frequently. If a person searches on Monday and finds nothing, there’s a good chance they’ll call it quits right there. But what if a record for unclaimed assets in their name isn’t added until Tuesday? Or the following month? Or year? Each type of unclaimed money has it’s own amount of time which must pass before it is considered “unclaimed” and handed over to the state. Most of these dormancy periods are 1-5 years, but some are longer, so it stands to reason that searching for lost money isn’t a one shot deal.
Further details on the tips above, and dozens of others can be had if a citizen enlists the help of an unclaimed funds expert in their search for Ohio unclaimed money, which is highly recommended to ensure that all avenues and potential sources of money have been explored.
By: Russ D Johnson
