Indiana is once again making more attempts to contact people that have unclaimed property. The state does want to give this money back to the rightful owner.
For various reasons money does get turned over to the state. The laws on unclaimed property vary from state to state as to what is to be turned over to the state and the time limits to turn in unclaimed assets.
In Indiana financial institutions and other holders are required to turn over assets of accounts that have had five or seven (depending on the type of account) years of inactivity. After 25 years, unclaimed funds become subject to the general fund.
According to a recent news release from the Office of the Attorney General, more than $71 million from inactive accounts was turned over to the state in the last year. In 2005, the Attorney General’s office returned more than $26 million in unclaimed property to its rightful owners. This is $5 million more than had been returned in 2004.
Attorney General Steve Carter reminded the public that checking the database on a regular basis is important.
If you are reading this and thinking that you may have money, but do not live in Indiana, you can also do a search. There is a company that was founded to help unite people with their money in all the states and also with federal money owed. Go to www.CashUnclaimed.com and you will find with one entry of your name a search of all states will be done as well as a federal monies. There is also information on how to claim your money.
A lot of people think that there really isn’t any way that they could have money since they do keep track of their finances, but you may be surprised!