Forgotten or lost utility deposits are one of the major contributors to the billions of unclaimed cash and property lying in U.S. state coffers. While moving places and changing residences from one state to another, most of the citizens neglect to follow proper procedure to get back the utility deposits. These small amounts have burdened U.S. states with huge unclaimed cash.
Why are Utility Deposits Required?
Utility deposits acts as a security to the agencies providing gas, electric or water supply to the citizens. Incase citizens default on paying the bills, these security deposits act as a recovery amount for the agencies. These also act as a cover up cost incase the user damages the equipment or installations.
Utility deposits are refundable, in most cases, in full or part at the time of terminating the service or changing over to a different provider. Many times utility deposits are returned after deducting any outstanding dues and damages. Often it takes a couple of weeks before the check arrives to your residence. Utility service providers are bound to return the deposit within 30 days of the termination of service.
What are Lost Utility Deposits?
In spite of the simple process, many Americans neglect to inform their utility service providers while shifting places. Either they forget the process altogether or are in a hurry to move. Many follow the process but do not wait for the check to arrive. They do not inform the agencies about their new address where the checks will be addressed.
This kind of utility deposits that are lying without any use by the subscriber, or utility deposit checks that have not reached the owners and are unredeemed, fall in the category of lost recovery deposits.
Recover Lost Utility Deposits
If you have shifted out of town or state and have not collected your utility deposit, then get started now. If you have moved recently, contact your old provider and ask them to send the check to the new address. If you have completed the closing procedure before leaving the town recently, chances are that your check hasn’t expired. Get back to your bank or the agency and redeem your check.
If the matter is older than a year, then your utility deposit has already gone to the office of the state treasurer. Contact the office to confirm and stake your claim. The list of the owners of unclaimed cash is also being published in the newspapers on the weekend. Check whether your name exists in the list. Of course, it won’t be possible for you if you are residing in a different state. Many state governments have arranged functions and outreach programs to reach out to maximum number of citizens.
However, the easiest way to recover lost utility deposit is to carry out an online search. Visit the website www.cashunclaimed.com and search for any unclaimed cash or property lying in your name. Follow the tips and instructions given on the website and forward your claim to recover your lost utility deposit.
In future, in case you move towns again, do not repeat the same mistake. Inform your utility service provider, follow proper procedure and collect your check in time to avoid it being added to unclaimed cash.