Unclaimed Funds

Unclaimed funds by my definition is a government conspiracy if there ever was one. Ok, ok..so there have undoubtedly been many government conspiracies bantered about, UFO’s, JFK and the whole “New World Order” saga but those are more of the surreal as opposed to the real unclaimed funds situation.
For those who don’t know what the official definition of unclaimed funds, here it is: Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.[i]
The states do maintain these accounts and supposedly make attempts to locate the rightful owners and get their funds to them. However, in my searching for accounts for friends and family I have found that a great majority of them are at their current address. Names aren’t spelled incorrectly but even if they are off a bit (Jhon Smith instead of John Smith) if the address is the current address, they can’t figure that out by sending a postcard? Lord knows I get mail at my address in variations on the spelling of my name from companies trying to sell me something.
Why a conspiracy you ask? Ok, maybe you’re not asking but I’ll tell you why I think so anyway. This is my blog after all. From the same source listed in the footnotes: Total of at least $32.877 billion is currently being safeguarded by state treasurers and other agencies for 117 million accounts. Now, this is higher math for simple me but what is the interest the states are earning on that money? Let’s assume it’s invested in a simple savings account and not hedge funds, money markets, etc... and a measly 1% is the yield. $32.877 BILLION times 1% = >$328 MILLION. I can think of 328 million reasons the states would not be in a great hurry to reunite folks with their money. When someone does file a claim to retrieve their money, they aren’t paid the interest that’s been earned but only the amount originally turned over to them.
Here’s another interesting tidbit. If you had a family heirloom that was stashed away in a safe deposit box that your old bachelor uncle passed away and never told anyone he had, it would eventually be turned over to the state. The state, could then in turn, sell it to the highest bidder on eBay[ii] and hold that money for any heirs who may someday come forward. Your 18th century family jewels would be in the hands of a collector and lost to your family forever. But you might get the money if anyone thinks to contact the state to ask if they are holding thing for the dear departed uncle. Oh yeah, be prepared to provide wills, detailed paperwork on your right to claim, etc…
It’s not impossible to retrieve funds you may have. To some states credit you can actually research online. I hope everyone does and to that end, I created this blog to inform and encourage you to look up every person you can and show them the way. There are companies that charge fees to ‘locate’ your money. Don’t pay...and don’t charge anyone you find money for. Do what I do. A nice box of cigars or bottle of Irish whiskey is fine if they feel so inclinedJ But to me, the best part is getting the money out of the hands of government and giving it to the people it truly belongs to. Best place I found to research:
http://www.unclaimed.org/
Good hunting and good luck!


[i] http://www.unclaimed.org/what/
[ii] http://stores.ebay.com/IL-Treasurers-Unclaimed-Property_W0QQssPageNameZstrkQ3amefsQ3amesstQQtZkm