Unclaimed-Funds.com

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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A number of different agencies in Monroe County, NY are owed unclaimed funds, according to a recent article on WXXI.com:

Various entities within the county are owed money, including the county treasurer, the sheriff’s office, the parks department, the county clerk, and the department of social services.

DeSantis says the biggest source of unclaimed funds for the county is vendor checks, which are usually from vendors that were prepaid for services which were then never delivered.

But who cares about that! How about the more than $8 Billion in total NY unclaimed money, the majority of which is owed to regular citizens! It was reported in October that even Mayor Bloomberg was owed $76,000, but most of the forgotten cash in the state of New York continues to go unclaimed, and the total is really now $8 billion and counting!

To claim the funds, Monroe County would go through the process that any New Yorker would go through, which starts with filling out a form. DeSantis says the comptroller is holding on to over $8 billion for New Yorkers across the state, and will hold the funds indefinitely, with some bearing interest all that time.

Local bloggers at RochesterTurning.com noticed that the cash was sitting uncollected earlier this week. A simple search also turned up prominent individuals in the state who are owed funds, including the governor and state comptroller Thomas DiNapoli himself.

So not only was the NYC mayor owed unclaimed assets, but even the governor and the state’s own comptroller (who is in charge of managing abandoned money!)

The forces of lack of search knowledge and lack of knowledge of unclaimed property in general combine to keep people from reuniting with their New York unclaimed money.

Whatever the reason, the money is there and just waiting to be claimed. The best thing New Yorkers can do is get in touch with an unclaimed property expert, like UnclaimedMoney.net, to assist them with their search to take back money that already belongs to them!

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Wow, even the NYC Mayor Michael Bloomberg discovered he was owed unclaimed money!

October 22, 2007 — ALBANY – To a billionaire like him, it may be pocket change, but Mayor Bloomberg collected nearly $76,000 this year in unclaimed funds from the state Comptroller’s Office, The Post has learned.

The state cut the mayor a check for $75,900 in August, according to the Comptrol ler’s Office.

The money is left from some business dealings he was a part of before becoming mayor.

Now that may be interesting, learning that a billionaire mayor of New York City was able to make a claim for almost $76,000, but what does it mean for you? Not much, but here’s the good news!

Meanwhile, more than $8 billion – belonging to 22 million accounts – remains in the state’s unclaimed-money funds.

And while $75,900 may seem high, the largest amount paid out by the fund so far has been $5.9 million, to the heirs of an unidentified estate in 2005.

As for the largest sum yet to be claimed, that, according to the Comptroller’s Office, is a cool $1.7 million.

Excellent point about that $76k in unclaimed property not meaning much to a billionaire like Bloomberg, but I doubt whoever made $5.9 million claim sneezed at it! Then again, maybe they did. How much money must one have to simply forget about almost $6 million, and have it turn up somewhere down the road as found money?

But the most important part of this story (to regular folks like you and me) is the more than $8 Billion in NY unclaimed money, belonging to 22 million. people. That number is almost unbelievable, but I suppose when you factor in that NY is a large state, and of course is home to New York city which might as well be the center of the world, it starts to make sense.

Bottom line, 22 million of you need to get a move on, tracking down your missing unclaimed funds! The government has something that belongs to YOU and you just need to learn how to locate and regain control of your unclaimed money, because you can bet they aren’t going to go out of their way to find you!

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