Unclaimed-Funds.com

Usually when people think of the state of Idaho, what comes to mind? Potatoes of course. Lots and lots of potatoes. But there is also a huge pile of something else that you might say is “no small potatoes” – Idaho unclaimed money. Idaho’s lost money fund has swollen to a whopping $40 million and counting and all of this cash belongs to residents wise enough to locate it and claim it.

The majority of people find it difficult to believe that average Idaho citizens have somehow just abandoned $40 million, and that Americans across the nation have abandoned almost $40 billion (yes, with a “b”, billion), but believe it or not, the odds that any given person is owed unclaimed property are better than the odds that they are not due a claim. The main reason for this is that these missing monies come from so many different sources. According to the web site of the Idaho State Tax Commission, the dept. charged with handling these assets: “These include stocks, bonds, mutual funds, bank accounts, uncashed payroll checks, utility deposits, traveler’s checks, contents from deposit boxes, and more. Most of the assets are ones that people didn’t know they had or just forgot about, and sometimes they are worth thousands of dollars.”

In order for money to be considered abandoned or “unclaimed”, it has to lie dormant for a period of time that is specific to each type of asset and state. Idaho considers most kinds abandoned after five years of dormancy, though many are available for claiming after only one year.

There are a handful of reasons why assets may go unclaimed, but it’s generally simple as forgetting to leave a forwarding address for financial institutions or previous employers. If a piece of mail is sent back to the sender, and the rightful owner does not contact the sending party within the dormancy period, the holder is required by law to hand the funds over to the state.

The issue Idaho has, as do all other states, is reuniting lost money with its true owners. Despite state awareness efforts and popular media coverage, the majority of people are still just not aware of unclaimed property. Even the few that are in the know generally do not have a clue where to start their search. There are a number of people out there searching, but even those people do not know all the tactics they need to utilize to increase their odds of locating claims.

For the reasons stated above, Idaho is now holding over $40 million in unclaimed property, and that number will almost certainly grow, because more and more money is handed over to the state each year and it outpaces the amounts returned to the citizens. For this reason, it’s extremely important that people who are interested in looking for missing monies, learn how expert finders find these monies, and then put these same tactics in to action in their own attempts. There are right ways to search, and wrong ways to search, and until people learn the difference there are a number of hurdles that can get between them and their money.

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Could the state of Missouri have your money or property? (KSDK St. Louis)
Could the state of Missouri have your money or property?

State Returns Safety Deposit Box Items – KCTV 5
JEFFERSON CITY, Mo. — From cash to collectibles, if someone has left it behind in a safety deposit box, the state of Missouri has got it. “We found a safety deposit box, and the only thing in it was a ski mask, a gun and a change of clothes …

$14m in unclaimed money – IRD (Stuff)
Over 15,000 people are owed more than $14 million in unclaimed money, the Inland Revenue Department (IRD) says. There were 15,200 people who were owed a total of $14,427,789, IRD customer operations group manager, Heather Daly said.

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Usually when people think of the state of Idaho, what comes to mind? Potatoes of course. Lots and lots of potatoes. But there is also a huge pile of something else that you might say is “no small potatoes” – Idaho unclaimed money. Idaho’s lost money fund has swollen to a whopping $40 million and counting and all of this cash belongs to residents wise enough to locate it and claim it.

The majority of people find it difficult to believe that average Idaho citizens have somehow just abandoned $40 million, and that Americans across the nation have abandoned almost $40 billion (yes, with a “b”, billion), but believe it or not, the odds that any given person is owed unclaimed property are better than the odds that they are not due a claim. The main reason for this is that these missing monies come from so many different sources. According to the web site of the Idaho State Tax Commission, the dept. charged with handling these assets: “These include stocks, bonds, mutual funds, bank accounts, uncashed payroll checks, utility deposits, traveler’s checks, contents from deposit boxes, and more. Most of the assets are ones that people didn’t know they had or just forgot about, and sometimes they are worth thousands of dollars.”

In order for money to be considered abandoned or “unclaimed”, it has to lie dormant for a period of time that is specific to each type of asset and state. Idaho considers most kinds abandoned after five years of dormancy, though many are available for claiming after only one year.

There are a handful of reasons why assets may go unclaimed, but it’s generally simple as forgetting to leave a forwarding address for financial institutions or previous employers. If a piece of mail is sent back to the sender, and the rightful owner does not contact the sending party within the dormancy period, the holder is required by law to hand the funds over to the state.

The issue Idaho has, as do all other states, is reuniting lost money with its true owners. Despite state awareness efforts and popular media coverage, the majority of people are still just not aware of unclaimed property. Even the few that are in the know generally do not have a clue where to start their search. There are a number of people out there searching, but even those people do not know all the tactics they need to utilize to increase their odds of locating claims.

For the reasons stated above, Idaho is now holding over $40 million in unclaimed property, and that number will almost certainly grow, because more and more money is handed over to the state each year and it outpaces the amounts returned to the citizens. For this reason, it’s extremely important that people who are interested in looking for missing monies, learn how expert finders find these monies, and then put these same tactics in to action in their own attempts. There are right ways to search, and wrong ways to search, and until people learn the difference there are a number of hurdles that can get between them and their money.

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The state lists unclaimed properties (Bureau County Republican)
PRINCETON — The Illinois Treasurer’s office is looking for about 2,800 residents whose address, or last known address, was in Bureau County. Those people have some unclaimed cash or property coming to them.

$200,000 Powerball Ticket Unclaimed (FOX 9 News Twin Cities)
A Powerball ticket sold in Stearns County in February 2008 will go unclaimed at 5 p.m. Friday, costing one Minnesota lottery player $200,000.

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Although unclaimed money in Idaho currently totals $48 million, which is no small potatoes, there is some bad news about unclaimed stat tax money

Time is running out to lay claim to nearly $2 million in unclaimed property held by the State Tax Commission.

Officials say residents have until July 1 to prove ownership to more than $1.8 million of the state’s total $48 million in unclaimed cash, stocks, bonds and other assets.

Sadly, Idaho is one of the few states that has a time limit on claiming ID unclaimed assets:

Idaho takes ownership of property that goes unclaimed for more than 10 years.

Most states act as custodians, meaning they simply hold residents’ missing money indefinitely, until it is claimed. This means that Idahoans should understand the sense of urgency in reclaiming their forgotten funds goes beyond just a personal desire to take them back in a timely manner. The citizens of ID run the risk of forfeiting their unclaimed properties if they don’t learn the right strategies for locating them and claiming them ASAP.

Luckily for those Spud State residents who are new to the abandoned cash game, there are experts in Idaho unclaimed funds who can show them the ropes to jump start their search, and let them know the joys of found money.

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Think you’ve got all the time in the world to find your Idaho unclaimed money? Think again!

While most of the 50 states will hold your missing money until you or your heirs claim it, Idaho only gives you 10 years. Of course even in other states, there’s no sense in letting the government hold your money, but in Idaho you’ve really got to get moving.

Via Idaho’s own State Tax Commission:

Most states act as custodians of your property, holding the property indefinitely until you or your heirs claim it. However, Idaho takes permanent ownership of the property if it has not been claimed within 10 years from the date the property was turned over to the state. At that time, those who were listed as owners, and the heirs of those owners, will lose all rights to that property.

At first, 10 years seems like plenty of time… But consider how old most sources of lost government money really are. If you forgot about these funds in the first place, odds are it was some time ago.

The bottom line is that unclaimed property in Idaho does come with an expiration date, so you owe it to yourself to search today!

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