Occassionally we get so busy in our lives seeking out that ‘something’ that will make it all worthwhile. We get so engrossed in our day to day tasks that the majority of us don’t notice that what we’re looking for is right there under our noses. No, I am not trying to be Dr. Phil or the Dalai Lama talking about divine peace or everlasting love. What I am talking about, though less spiritual, is nevertheless significant in our lives and will most likely catch your attention as much as anything a cultural icon or a religious leader will say. I am talking about cash. $8 billion in New York unclaimed money and property, to be precise, just waiting to be reunited with thousands of their owners who are almost certainly busy attempting to make money, ironically. According to New York’s State Comptroller, Thomas P. DiNapoli, “We want to return unclaimed funds to their rightful owners. The money belongs to New Yorkers. We want to give it back.”
There are statutes across the country called Unclaimed Money Laws or escheat laws that require financial entities and businesses to pass along forgotten and abandoned financial assets like safe-deposit bank contents, unused gift certificates or cards, stock dividends, unredeemed insurance policies, forgotten bank accounts, uncashed checks, uncollected salaries and other funds to each State’s Treasury Departments after a certain ‘idle’ time known as a ‘dormancy period’. This time period varies from state to state. In NY though, it’s either 2 or 5 years depending on the type of account. The size of the NY unclaimed money pile is one of the largest in the nation – even larger than California’s 5 billion dollars. The cash goes in to the state’s Unclaimed Property Fund where it stays until the rightful owner steps forward to claim it.
When people change their address, get new jobs, or marry and change their last names, they sometimes don’t remember to provide notice to the financial institutions like the IRS or their banks. Undelivered mail results and financial notices and tax refund checks then do not get to their intended recipient and are returned to the sender. The more chaotic a person’s lifestyle is, therefore, the greater the odds that they’ll lose track of their financial assets. With the notorious hustle and bustle of NYC, it isn’t a shock that it is home to so much unclaimed property and money.
More people have unclaimed funds than they think, says Allison Iavarone, senior manager for financial consulting juggernaut KPMG, in a recent report on missing money by NY’s The Daily News. Believe it or not, Michael Bloomberg, P. Diddy, Bob Dylan, Billy Joel, have all shown up on a list of NY State unclaimed money owners. Everyone ought to do a search for unclaimed cash especially if they have a number of relatives or if they have had a busy professional life. Valerie Jundt, a senior manager at tax consulting firm Deloitte & Touche advised, “You should check the state where you’ve lived and last resided.”
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Treasurer will help public seek unclaimed property – Peoria Journal Star
Illinois State Treasurer Alexi Giannoulias wants to return lost, forgotten and abandoned money to Chillicothe-area residents. A representative from Giannoulias office will conduct Cash Dash searches on the states online database from 2 to 6 p.m …
Millions in unclaimed cash awaits rightful owners – Caspar Star-Tribune
The state could be holding on to cash that actually belongs to you. More than $30 million in orphaned funds is waiting to be claimed by its rightful owners — so much money in fact that a division of state government is dedicated to overseeing the …
State has more than $30 million in unclaimed money – Idaho8.com
CHEYENNE, Wyo. (AP) – The states Unclaimed Property Division is holding more than $30 million in unclaimed money. Nancy Russell, director of the Unclaimed Property Division, a branch of the state treasurers office, says the money can come from …
Unclaimed lottery winnings keep piling up – Green Bay Press-Gazette
Amid the get-rich-quick buying frenzy over large lotto jackpots in Wisconsin is the sobering statistic that millions of dollars in player winnings are unclaimed every year. During an 11-year period ending on June 30, 2008, $38,349,659 in lotto prizes …
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