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 ‘Unclaimed Property Division’
Money Management – Maine Residents Owed Millions in Unclaimed Money
February 17th, 2010Kansas Unclaimed Money Tops $200 Million
January 6th, 2010
If the Midwest is America’s breadbasket, it’s might mostly be because of Kansas, who’s Sumner County is known as The Wheat Capital of the World. According to recent reports, the Kansas State Treasury’s Unclaimed Property Division has become a basket for another vital commodity. Not edible, but definitely more sought after- American currency in the form of Kansas unclaimed money.
Over $20 million in Kansas unclaimed property is collected by the state each year. These funds come from abandoned financial assets turned over by banks, insurance companies and other financial entities who are by law required to hand them over to the state after 3-5 years depending on the item. Lost assets come from old checking accounts, abandoned savings accounts, bonds, dividends, old paychecks, child support payments, alimony payments, and other similar funds whose owners have somehow lost track of or inherited without their knowing it.
Lynn Jenkins, Kansas State Treasurer, tries to reunite as much of the unclaimed money in Kansas to her state’s residents through outreach programs for owners of the Kansas unclaimed funds. Her office sets-up booths in public places like shopping malls and the Kansas State Fair in Hutchinson. An average of $700,000 is handed-out yearly in the fair to mostly surprised owners of the lost money. “We always look forward to attending the fair,” says Jenkins in a recent press release. “It gives us an opportunity to meet fellow Kansans and for them to search our records for their lost or forgotten cash and property.” “As always, we were very impressed with the fair organizers and the city of Hutchinson,” she adds. “The State Fair is a good old fashioned family tradition and part of what makes our state so great.”
According to the National Association of Unclaimed Property Administrators (NAUPA), Treasury Departments in each of the 50 states are holding-on to over $35 billion in unclaimed assets, belonging to American citizens. Unclaimed property outreach programs like the one Kansas State Treasurer Jenkins promotes are only slightly making-up for the lack of a centralized government database for unclaimed assets. Approximately 928,303 owners of roughly $200 million unclaimed money in Kansas are still unaccounted for though, and the Kansas Unclaimed Property Division of the Treasury Department will hold on to the KS unclaimed money until residents and other citizens nationwide come to claim it.
Fortunately, people don’t have to wait for the Kansas State Fair to come around in order to check if they are owed Kansas unclaimed funds. The individual states maintain databases for unclaimed money owners now and an unclaimed money search can be done anywhere there’s an Internet connection. So, if you need extra funds ASAP, you can actually do an online search right now from where you are. The tricky part is doing a search for unclaimed money in several state databases (a good idea for those who’ve lived in various states). A centralized database for national unclaimed money does not exist, so it’s quite easy to go on an online wild goose chase if you don’t know where and how to look.
By: Russ D Johnson
