It is not a secret that the Rocky Mountains go straight through Wyoming, but there’s an even more interesting mountain, of more immediate interest to the less half of a million people living in the Equality State – a mountain of money! Currently, the State Treasury Office is holding in excess of $26 million in Wyoming unclaimed money, and waiting for the actual owners to come forward and take what technically already belongs to them.
The State Treasury web site lists the following as the most common types of assets that can become “unclaimed”: deposits, savings accounts, customer overpayments, refunds, endowments, insurance policies, checking accounts, annuities, uncashed dividends, credit balances, uncashed insurance claim payments, moneys distributable from trusts, stocks, safe deposit box contents, traveler’s checks, money orders. Each of these types of unclaimed property has a unique dormancy period, which is the amount of time that must pass before they are determined to be abandoned and law requires that they be passed along to the state. These dormancy periods vary greatly, but are most commonly 5 years in Wyoming.
Although Wyoming has given back millions of dollars to the rightful owners, the vast majority remains unclaimed, and the main reasons boil down to a lack of awareness about these assets. Luckily, Wyoming is a custodial state, and that means that they will hold these monies forever, and will never take possession of them. There is no expiration date on lost cash.
As residents the state with the lowest population, citizens living in Wyoming have excellent odds of finding missing money owed to them. But most people are unaware that other states may be holding money owed to them. You don’t even have to have left the state of Wyoming for another state to be holding your assets. A lot of companies have offices and/or locations in multiple states, but they can obviously only be headquartered in one place. For this reason, employees can lose track of money and not ever realize it even if they search, because the cash is being held in the state where their company has its headquarters. Similarly, insurance companies may service different states, but they can only have one headquarters. Things like insurance overpayments will be passed along to the proper division in the state where the insurance company is incorporated, not necessarily the state where the account holder lives. These are just a couple of examples of why it’s very important that people search outside of their home state.
Aside from limiting searches to one state, beginners often don’t know that they ought to search numerous times. In fact, they should search frequently. Because of the varying dormancy periods for each type of unclaimed property, and because an employee of the State Treasurer’s Office must manually add each listing to the system, the abandoned assets list changes constantly. A search could find no record one day, but checking the following day might produce a nice treasure for a diligent searcher.
Experienced searchers have many strategies that give them an edge when trying to locate forgotten funds, and the wisest beginners learn about these and put them to work in their own searches to ensure they’ve found all possible claims.
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