Denver CBS affiliate KCNC TV reported in May that State Treasurer Cary Kennedy currently holds more than $50 million in Colorado unclaimed money. CO missing funds most commonly come from things such as , utility refunds, dormant checking accounts, oil and gas royalties, stocks and bonds, uncashed insurance checks. Citizens who might have held one or more of these accounts or other similar types of accounts are encouraged to look for unclaimed funds.
While it is difficult for most people to believe that their fellow citizens could just “forget” or abandon cash that belongs to them, it is surprisingly common. It is so common in fact that many estimate that 7 in 10 Americans are due some type of claim, and CO residents aren’t an exception.
Despite the fact that there are tens of billions of dollars in unclaimed funds across the country (tens of millions in CO alone), the vast majority of it is never claimed and millions more are added in every state annually. The main reason is the fact a majority of people haven’t ever heard of unclaimed funds and the handful that have don’t have any idea about how to find them and claim what is rightfully theirs.
One of the first issues that many searchers run in to is not knowing where they need to search. The truth is, there is no one website to search on. In fact not all searches can be done online, so if you limit yourself to just the computer, you could be missing out on some cash.
Beyond not knowing what site to search, a lot of people looking for missing cash believe that one search is all you need to do. Aside from the fact that there is not one website that houses all claims, all sites are continuously updating their records and the list of names of people due a claim gets larger annually in each state. In order to be confident that you have located all potential claims you ought to search regularly. Many people don’t find claims that were added to their state’s database because they were added the day, week, month, or year after they searched.
A lot of people who don’t live in and haven’t ever even been to CO are also owed CO unclaimed funds for a number of reasons. For example, if a person works for a company in their home state, but the company is incorporated in CO, things like abandoned payroll checks might be held by CO’s state treasury, while their home state won’t have any record of these funds. A similar problem arises when people have insurance policies through insurance companies that are headquartered out of state. This is yet another reason that one search will not cut it.
Any way you slice it, the state of CO is home to more hills than those Rockie Mountains, it is home to a multi-million dollar heap of abandoned assets. We can all agree that the people are much better at managing their own money than any government agency, so anyone who believes they might have money coming to them need to take some initiative and get started on their search. Using ideas from expert locators can keep people from making beginners mistakes that would otherwise stop them from locating their money.
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