Unclaimed funds- you may have money. Really.

Discussion in 'Off Topic' started by Gargoyle, Nov 26, 2011.  |  Print Topic

  1. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    The treasurer of the state of Illinois maintains a very nice website for unclaimed funds. I found a $200 insurance payment from 7 years ago that was sent to an old address, and a very small refund (less than $10) due my wife from another insurance company. I also found that half a dozen relatives have unclaimed funds (refunds from businesses, mortgage interest, forgotten safe deposit boxes, uncollected pension funds, ranging from less than $10 to several hundred dollars). I would think many other state governments have similar tools on their site. It's worth taking a few minutes to search, and pop in names of relatives or good friends.

    If you find yourself listed, you can print out a form from the site, mail it to the state treasurer unclaimed property division, and in my case, I got the $200 check about 5 or 6 weeks later.

    Note that there are private sites that charge you to research the same info, but there is no reason to pay them- stick with legitimate official sites.

    In particular if you've moved in the past 10 years, check the sites for any state you've lived in.

    Does anyone know if any other countries or gov't entities have similar programs?
     
    sobore, KathInJax and Traveller like this.
  2. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    Oh, I also found that a pharma company owes me between $10 and $100, so I'll mail that claim to the state on Monday. No idea what it is, but perhaps a class action settlement?
     
    sobore and KathInJax like this.
  3. NYBanker
    Original Member

    NYBanker Gold Member

    Messages:
    32,725
    Likes Received:
    191,901
    Status Points:
    20,020
    Nice find.

    Who is holding the unclaimed money at present? The state or the original payor?
     
    Gargoyle and KathInJax like this.
  4. KathInJax

    KathInJax Silver Member

    Messages:
    710
    Likes Received:
    1,917
    Status Points:
    995
    Most states have some sort of unclaimed property rule. In Florida, the check requirement is 5 years. In one of my first accounting jobs, the company received notices that it had been open for more than five years, so we had to fill out the form and remit any unclaimed checks. I was given the task of going through all the outstanding checks to see if why they had not been cashed.

    From then on, at each company that I worked for, I put procedures in place to research and clear old checks. I never wanted them to age past 6 months. People usually remember what happened to the check in that time frame. Most of them were a simple void & reissue. Every now and then, someone had been paid twice and had not deposited one of the checks.
     
  5. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    The insurance refund I received was on a check issued by the state treasurer. My impression is that is the case for all the funds listed, but I don't know how they'd handle the one abandoned safe deposit box listed for a close (but deceased) relative. I notified the direct heirs.
     
    sobore likes this.
  6. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    I checked in three states, and found zilch.
    Of course, I haven't looked underneath my mattress or in the couch for a while.............. :D
     
  7. secretsea18
    Original Member

    secretsea18 Gold Member

    Messages:
    7,729
    Likes Received:
    44,584
    Status Points:
    14,020
    I checked for myself and a few others and found that I had two "lost properties"....

    Both in California. Both from my student loan holder... one was for $0.54 and the other is $0.64.
    I will submit a claim after I get home. :) It is important that the books in California are balanced.
     
    Gargoyle likes this.
  8. NYBanker
    Original Member

    NYBanker Gold Member

    Messages:
    32,725
    Likes Received:
    191,901
    Status Points:
    20,020
    Do you have to mail something in to make the claim? ;) Stamps are pretty high these days...
     
  9.  
  10. You can go to www.unclaimed.org and search any state you've ever lived in plus the US territories and a few locations in Canada. Do NOT go to unclaimed.com because they will try to charge you. Never ever pay for an online search!
    Among the foreign countries, Australia, New Zealand, France, Britain and Switzerland have similar programs.
    The state unclaimed property sites have $33 billion waiting for the rightful owner, business or charity to come forth and claim.
    There are so many other places to look you can't even imagine. There is no one central location to find this information. You have to go agency by agency. For example, there's $197 million in unclaimed pensions. $200 million for creditors of bankruptcy court. $70 million in land and monies for American Indians. Royalty payments, money for Holocaust survivors, the list goes on and on and on ...
     
    Jimgotkp and Gargoyle like this.
  11. The majority of states are decreasing their dormancy periods from 5 years down to 3 to bring more money into the state that they can use for free until it is claimed. They keep the interest on the money so there's really kind of a disincentive to aggressively search for people. But a few of them do.
     
    Gargoyle likes this.
  12. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    Thanks for that link. I found out about this after my daughter heard something on the radio, and she sent me a link to the .com site- I checked that out and immediately got suspicious, but then I went to the Illinois state treasurer site.

    The .org site you list looks quite helpful.

    Welcome to Milepoint!
     
  13. dmel

    dmel Gold Member

    Messages:
    5,166
    Likes Received:
    37,276
    Status Points:
    11,045
    And just FYI, "proof" that unclaimed.org is legit/santioned, it's linked from http://www.usa.gov/Citizen/Topics/Government-Unclaimed-Money.shtml with the text "States' Unclaimed Property."
     
    Gargoyle likes this.
  14. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    The Maryland State Treasurer website also links back to unclaimed.org.

    I just searched it unclaimed.org and found two more for my brother, one under $100 and one over $100.
     
    dmel likes this.
  15. sobore
    Original Member

    sobore Gold Member

    Messages:
    12,421
    Likes Received:
    33,847
    Status Points:
    16,520
    Just found I am owed $4,234,385, so I just bought Milepoint! Your monthly usage fee of $9.99 will start in January! :p
     
    GenevaFlyer, Jimgotkp and Gargoyle like this.
  16. dmel

    dmel Gold Member

    Messages:
    5,166
    Likes Received:
    37,276
    Status Points:
    11,045
    Gargoyle likes this.
  17. You think you're being outrageous but the largest single amount paid out to an individual in NY was $4,000,000 for a stock claim. They are currently holding $1,700,000 for someone they can't find. There's a guy in CA with almost 500 listings, all of them stock dividends, that total $1,600,000. Iowa has 2,000,000 shares of stock waiting to be claimed.
    In CT in there are 58 people or businesses with listings above $200,000.
    The largest amount I found for a business or individual was more thatn $348,000 for Warner Brothers. No one would call me back, All I wanted was a quote I could use on my Web site.
     
    Jimgotkp and Gargoyle like this.
  18. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    Here you go:
    [​IMG]
    :p
     
    TheMissingMoneyLady likes this.
  19. LMAO!! You made my day!! This is perfect!!!
     
  20. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

    Messages:
    22,014
    Likes Received:
    96,541
    Status Points:
    20,020
    Since I'd registered to get my unclaimed funds, I also just got an e-mail from the Illinois State Treasurer about an upcoming auction of unclaimed property.
    http://www.treasurer.il.gov/programs/auction/auction.aspx
    It includes safe deposit contents, gold coins, baseball cards, autographed hats, beanie babies, a Davy Crockett pencil pouch, all sorts of stuff. I just noticed a krugerrand, bidding is currently at $202, but there are 6 days left so I'm sure it will reach market value. A 1928 $100 bill is currently bid at $102.

    Their server doesn't seem very robust, pages load very slowly.
     

Share This Page