HAS ANYONE SEEN MY WALLET?: UNCLAIMED PROPERTY
Do you ever wonder what happened to that last pay check you forgot to pick up
from your last day at Ace hardware in high school? How about the savings bond from aunt Betty you left in the safe deposit box and forgot about? Do you think you can return and get that money? Think again.
The origin of unclaimed property law dates back to British common law. Abandoned land was returned to the king along with the transfer of the property rights. Today, this concept has been adopted by the states and applied to intangible property as well as tangible property, excluding real estate. The states do not take permanent title to the property but act as custodians to safeguard it for the rightful owner or their heir until claimed. In nearly every state, there is no time limitation for filing a claim.
So what is “property?”
- Uncashed dividend, payroll or cashier’s checks
- Stocks certificates or accounts, bonds, mutual fund accounts
- Life insurance policy proceeds
- Utility deposits (very common), credit balances, store refunds
- Wages
- Checking and savings accounts
- Gift certificates
- Traveler’s Checks
- Safe deposit boxes
- Royalty payments
- Court payments or deposits
So are the states playing good Samaritan here? Not quite.
Big states from Massachusetts to California have turned their programs into big money-makers, and routinely dip into unclaimed assets to cover state expenses. States have broadened laws to cover unredeemed gift cards and uncashed corporate checks to employees and suppliers. They’ve required businesses to turn over assets more quickly, and curtailed efforts to locate owners. And they’ve strengthened enforcement by hiring private auditors to examine corporate books in search of “lost” property. The auditors’ reward: 10% to 15% of proceeds.
I don’t think anyone ever figured the government would be good at holding onto someones money (see social security). Although most states have scaled back their attempts to reach the true owners, there is a way for you to find your money. Missingmoney.com allows you to search under your name for unclaimed money.
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Tags: Investments, Money, Property, SavingRelated posts
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