| It sounds too good to be true, but the fact is | | | | and store the contents, so some of the banks or |
| that there are billions of dollars in unclaimed | | | | states hold periodic auctions of what's in the |
| property across the country just waiting for the | | | | boxes, and then holds the money until the original |
| rightful owners to come forward and claim it. | | | | owner is found. How do states try to find the |
| Most people think they have a pretty good handle | | | | rightful owners? You may have seen lists of |
| on their assets, but each year, in each and every | | | | unclaimed property owners in your newspaper. |
| state, millions of dollars that have been sitting idle | | | | State unclaimed property programs may also set |
| revert back to the state. Many times it's simply | | | | up displays at state fairs, malls, and other public |
| because the owner has moved or changed marital | | | | events, work with other public officials such as |
| status. What is unclaimed property? The term, | | | | legislators and local librarians. They also set up |
| sometimes referred to as abandoned property, | | | | searchable databases on the Internet. How do I |
| refers to accounts in financial institutions and | | | | look for unclaimed assets that may belong to |
| companies that have had no activity or contact | | | | me? There are many ways to search for assets. |
| with the owner for one year or longer. There are | | | | Companies are required to send money from lost |
| many forms of unclaimed property including | | | | accounts to the state of the owner's last known |
| savings or checking accounts, stocks, uncashed | | | | address. That means you could potentially have |
| dividends or payroll checks, refunds, traveler's | | | | unclaimed property in every state that you've |
| checks, trust distributions, unredeemed money | | | | resided. Luckily, there are several databases online |
| orders or gift certificates (in some states), | | | | that will link you to most state unclaimed property |
| insurance payments or refunds and life insurance | | | | programs, and all are free. You may also be |
| policies, annuities, certificates of deposit, customer | | | | contacted by a company and told you have |
| overpayments, utility security deposits, mineral | | | | unclaimed property. There are many business |
| royalty payments, and contents of safe deposit | | | | firms, sometimes called finders or locators, which |
| boxes. What happens to this unclaimed property? | | | | find legitimate lost property for owners and offer |
| Each state has an unclaimed property statute that | | | | to inform them of how to obtain it for a fee, |
| protects your funds from reverting back to the | | | | usually a percentage of the total. Most of the |
| company if you've lost contact with them. The | | | | companies are reputable, but unfortunately there |
| laws require companies to turn forgotten funds | | | | are also many unclaimed property scams across |
| over to the state, which will then try to find you | | | | the country. Before signing any contract with a |
| or your heirs. Most states hold lost funds until you | | | | company, check with the unclaimed property |
| are found, returning them to you at no cost or | | | | office in your state for more information. |
| for a nominal handling fee. When it comes to safe | | | | Marcia Keppy has been working in the field of |
| deposit boxes, it's virtually impossible to hold onto | | | | unclaimed property for the past 15 years. |