Unclaimed Property Blog

It was recently been reported in the Dayton Daily News that Ohio has currently seen a 40% increase in the amount of claims for unclaimed money reported between July and September this year, as compared to last year’s figures.

In order to find Ohio unclaimed money, click here, and find out how much YOU are owed!

Free unclaimed money searches were a secret that was known to very few people, but with time and advent of internet, people are becoming aware of the benefits their lost money can bring them. It is because of the dedicated databases maintained by the state that people are getting filtered and error free information within a single click of their mouse. The state believe that despite of the application process made simpler with time, it is because of the lack of knowledge among people regarding unclaimed property that has created low return rates.

According to the figures, more than an estimated pile of $135 million in unclaimed money is still waiting for their rightful owners, so go out and search if you have some unclaimed money waiting for you as well.

In spite of repeated efforts of the federal agencies, some still find it very difficult to believe that they have unclaimed money located at different locations resulting in the pile of unclaimed cash that is increasing at a tremendous rate.

What is unclaimed property? It is any property that has a title attached to it. It may or may not have a positive value. Examples of these are old bank accounts, forgotten investment accounts, inherited property in which the title has been lost, forgotten insurance accounts, un-cashed refund checks from long lost or forgotten accounts, etc. If you change jobs and forget to roll over your IRA, that is unclaimed money. So how do you find all this money?

In a recent report related to the unclaimed money problems in the country, it was mentioned that almost 90% of the U.S. families have somebody who has failed to reclaim their lost funds or assets. The governors and the governing body of larger states like California and New York are mulling to utilize the unclaimed funds for state development programs.

Unclaimed property can be auctioned off by your state. Unlike unclaimed funds, unclaimed property can be auctioned off at e-commerce stores online. Prices for goods auctioned off are exceptionally affordable. Many states are now partnering with established auction sites to increase traffic and bidding interest in items put up for sale. Repossessed items offered by police auction websites, for instance, include everything from autos, to computer technology to fine art paintings. As states make an attempt to shore up reserves with property confiscated in due process, government sales have become more visible as a solution to cash-strapped treasuries around the United States.

As of a last estimate, “The North Carolina Department of State Treasurer holds nearly $600 million in unclaimed property”. This roughly translates into one in eight North Carolinians have unclaimed money lying with the state treasury.

In the past year, over $39 million in unclaimed property has been returned. Like most of the other states, North Carolina’s unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that typically have been abandoned for one to five years.

According to the State Constitution, the interest earnings on the fund go to needy and worthy North Carolina public university and community college students.

New York has the unenviable reputation of having the fastest rising pile of unclaimed money out of all the states in the country. The unclaimed property list continues to grow at an alarming rate in New York. Almost $25 million inactive bank, business, and government accounts all contribute towards this million dollar unclaimed property amount. While the state treasury is taking all the relevant steps to locate the owners of unclaimed funds, the success rate has still not reached a satisfactory level.