LYCOS RETRIEVER 
Unclaimed Property: States
built 293 days ago
State unclaimed property laws and procedures make "clear that the state is the appropriate repository for the unclaimed property at issue," Moore said in a news release this week. The state treasurer already holds $600 million in cash from insurance policies, checking accounts and utility deposits long forgotten by state residents. Moore, who is being challenged by Republican Ed Meyer of Greensboro in the Nov. 2 election, has appeared in public service announcements and handed out checks to unsuspecting citizens to highlight efforts to return money to its rightful owners. Interest on the unclaimed property pays for university scholarships.
Source:
How do assets become unclaimed property? For example, if John Smith opened an account with a bank or other business, and sometime later moved and forgot about that account. The bank or business is required by law to file a report and forward those assets to the State Treasurer. The Treasurer is responsible for safeguarding assets whose rightful owners cannot be located or assets that have been unclaimed for a specific period of time (generally three to seven years). Assets are held in the custody of the state indefinitely until the owner is located or their rightful heirs come forward. The state maintains a database of names for all accounts turned over to it.The owner or their heirs always have rights to the funds. There is no time limit to claim the money! In most cases it’s money from a forgotten paycheck, a lost inheritance or a closed bank account.
Source:
In October 2002, the NBC television program Dateline reported that Pennsylvania has, at last count, $15 billion in unclaimed property. Barbara Hafer, Pennsylvania’s State Treasurer, reported that one in 14 Pennsylvanians has unclaimed property. Ms. Hafer stated that cash is not the only thing that is left unclaimed in Pennsylvania. “Every imaginable valuable people have left behind: diamonds, sapphires, a vintage Barbie Doll, a purple heart,” says Hafer. “Almost all of it – incredibly - forgotten by owners and lost to unsuspecting heirs.”
Source:
This information is provided for private citizens to locate unclaimed property for themselves or their family members. It cannot be used for commercial purposes. This includes downloading any information for re-sale through any other means. The State of Oregon does not charge a fee to search for or claim property. Individuals are encouraged to contact the Department before signing any contract or agreement for receiving this information for a fee.
Source:
Employers should remit unclaimed property to the state of the last known address of the employee. If there is no address, the funds should be returned to the state in which the employer is incorporated. A common mistake made by employers is thinking that the check must be sent to the state of the corporate office, work location, or taxing jurisdiction of the employee. Employers are not allowed to deduct a fee to offset expenses incurred for abandoned property reporting.
Source:
The workshop will provide a general overview and reporting basics for those new to unclaimed property or staff looking for a refresher. This course provides the basic information holders need to report unclaimed property to the state of Washington. Topics include:
Source:
MORE ABOUT
States