Posts Tagged “michigan unclaimedmoney”

Michigan is home to a lot of pop culture icons – Madonna (from Bay City), the ‘Motown’ music label, Eminem, Diana Ross (from Detroit), Bob Seger, Stevie Wonder… the list of famous musicians goes on and on. It is also home to the automobile capital of the world Detroit, affectionately known to residents as Motor City (which is where the term ‘Motown’ comes from) and Battle Creek, MI – ‘The World’s Cereal Bowl’ which is home to the Kellogg’s company. Certainly, many assets essential to American culture have come from ‘The Great Lakes State’. There are less known assets in Mich. that even most residents don’t know about though – hundreds of millions of dollars in Michigan unclaimed money! This money is just sitting-around in the Mich. Unclaimed Funds Dept. instead of where it belongs, in the pockets of the owners of the lost assets.

According to the State Treasury Dept., “The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state, as required by law. The Michigan Department of Treasury is the custodian of these assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed.”

The citizens who are owed Mich. unclaimed properties may have forgotten about their money when moving to another city or finding new employment. This is very common in the fast-paced lifestyle we’re all living now, and not remembering to leave behind things like a forwarding address is very easy to do. Because of this, mailed checks and notices often don’t reach the addressees and must be returned to the sender (like businesses and financial institutions or the IRS), where they must stay until the ‘dormancy period’ has gone by, and law dictates that these properties be turned over to the state. In Mich. this period is 5 years for most kinds of unclaimed funds.

All Michiganers and former residents of Mich. should perform a search for unclaimed property in Mich. – with hundreds of millions of dollars waiting to be found, the odds are great that they might be owed money. It is rather surprising whose names have come up on the missing money list. Domino’s Pizza founder Thomas Monaghan, Aretha Franklin, and even Eminem’s names have come up on the Mich. unclaimed funds owners database.

Sense it is a ‘custodial state’, there is no time limit for Mich. unclaimed funds to be claimed by its owners. In a report on Mich. unclaimed cash by ABC’s WZZM 13, the Mich. Treasury Department’s Gonzalo Llano said “The funds stay here forever until they are claimed by either the property owner or their heirs should the property owner be deceased,” But don’t you feel like the lost money would be more comfortable snug in their owners’ pockets than collecting dust in some cold, dingy State office? Educate yourself on how you can begin an exhaustive search, and locate all possible Mich. unclaimed property owed to you ASAP!

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$1 billion a day for stimulus – CNN Money
NEW YORK (CNNMoney.com) — The federal government has made available more than $75 billion for stimulus projects in the 10 weeks since President Obama signed the $787 billion recovery package into law. Not all of that money has hit the streets …

Making sense of the Bigger (yes) Better (?) Bottle Bill – Syracuse Post-Standard
Mike Greenlar / The Post-Standard A warehouse employee at Coca-Cola Bottling Company of Syracuse moves product into the pick area for truck delivery. Coca-Cola says the New York State Bigger Better Bottle Bill could force layoffs at the company. The …

Check For Unclaimed Funds Online (NBC Washington)
Are you owed some money from a local jurisdiction? Check for unclaimed funds online. Presented By: Waking the Baby Mammoth: Sunday at 9p On the frozen plains of the Siberian tundra, a reindeer herder chances upon a 40,000 year old baby mammoth – the most perfectly preserved mammoth ever found. On Sunday, witness the mammoth’s unveiling to the world, as scientists reveal her incredible story. …

Need money? You may have some coming (The Shawano Leader)
You may have money you didn’t even know about. Do you want to know how to retrieve it? The Office of the State Treasurer is printing names of people who have unclaimed funds in Wisconsin for 2008.

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By now it seem we’ve all grown tired of what I like to call “bailoutmania”.  I mean, who isn’t getting a bailout at this point?  It’s starting to look like none of us should have been responsible with our money, but instead lived outside of our means so that Uncle Sam could send us some phony money.  But here’s the kicker – the government is throwing tens of billions at the “Big 3″ domestic auto makers (GM, Ford, and Chrysler), even though these companies have MILLIONS in unclaimed money already owed to them, but they’ve been too lazy to claim it!

That’s right, one unclaimed money expert has discovered that each of the big three automakers has millions in forgotten assets that are just waiting to be claimed:

However, it seems that the big three auto makers did not account for other streams of cash. Edward Palonek founder of an Internet searchable database for unclaimed money reports that the big three have millions of dollars sitting and collecting dust. He goes on to say, “That the problem of auto makers not collecting money extends to almost all foreign car makers, such as, Toyota and Honda.”

So these missing monies may extend beyond the U.S. automakers in Detroit, but at the moment we have the exact numbers, thanks to that article. According to the article, more than $2.2 million is owed to the Ford Motor Company, and is spread across 1,300 records. GM (General Motor Company), on the other hand, has an estimated $3.4 million across more than 1,500 unclaimed funds records. At the same time, Chrysler turned up nearly 1,200 unclaimed asset listings totaling in excess of 1.6 million dollars!

Maybe it’s just me, but it seems like these manufacturers ought to scrape together their own missing money before they put their hands out for billions of our tax dollars, like some common beggar! At the same time, do we really think companies that can let millions of dollars simply go missing are responsible enough to handle billions of OUR dollars to reorganize? If they aren’t smart enough to keep tighter books, why should we trust them with our money, instead of telling them to file bankruptcy like we would have to if we’d been so reckless?

Well, nothing is going to slow down the Bailoutmania Express, so I might as well stop whining… But I will encourage all of those workers who’ve lost their jobs with one of those 3 automakers to do their own unclaimed funds search, given that experts estimate that 7 in 10 Americans are due some type of claim. When times are tough, the only thing better than earned money is found money.

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