The most southern of the Dakotas may be home to the national treasure that is Mt. Rushmore, but ND is holding its own treasure that’s deserving of as much attention. According to the web site of the State Land Dept., there is currently in excess of $23 million in North Dakota unclaimed money, waiting to be reunited with the citizens who lost track of it some time in their lives. The primary thing standing between these people and their money, beyond knowing about the fact that these assets exist, is the know-how to track them down and claim them.
North Dakota Residents are blessed to reside in a state that ranks among the top five in the country for percentage of unclaimed funds given back to residents. At the same time, the state has one of the smallest populations in the country, at just over 640 thousand. What this means is that ND residents have excellent odds of discovering and claiming back assets that are rightfully theirs.
The primary rule of searching for unclaimed funds is to search often. One of the biggest mistakes searchers generally make is to search just once on the first web site they come to that has a search box and end their search there. This does not take in to account that the vast majority of abandoned assets websites do not have accurate data, and even the state’s official records are often slow to be updated. This is a problem, not only due to the fact that an employee in a state office has to physically add the record once it’s been handed to the state, but because there are different periods of time which must pass, unique to each kind of missing money, before they are turned over to the state.
Some of the more common types of abandoned assets are stocks, dormant savings and checking accounts, mutual funds, bonds, wages, refunds, salary, payroll, paid-up life insurance policies, money orders, commissions, deposits, death benefits, uncashed checks, insurance payments, dividends, and others. Most of those have dormancy periods of 1 to 5 years, which means that if it’s only been a year or two when a person searches; they will not find a record for an asset that has a dormancy period of 3 or more years.
On top of needing to search the correct sites often, many people do not realize that they should search records outside of ND. Believe it or not, a citizen could actually have not ever been outside of the state of ND, but have money owed to them in other states. this happens when assets from insurance companies or employers come from other states. Often times the actual corporate headquarters for for a company exists in a state other than where a particular employee works. Because of this, unclaimed properties being held by institutions in these situations will be passed along to the proper division of the company’s home state’s treasury department. What this means is that ND will never have any record of this cash, so a resident who hopes to locate and claim it would need to use the same search techniques in other states.
These are just a couple of the most common issues that plague the searches of uninformed ND citizens. But people can get over these issues, and a number of others, by spending just a little time educating themselves on the search practices used by experienced searchers before putting their own feet in the water.
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