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| Welcome To Unclaimed Money Secrets |
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The majority of unclaimed
property is lost as a result of a change of address,
a name change due to a marriage of divorce or death
of the owner and the estate was unaware of the money.
When this happens the money is then turned over to the
state.
Below are the most common reasons
why you would be unaware of any unclaimed funds that
is owed to you: |
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You moved and forgot to claim your
security deposit. |
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The utility company owed you a refund check or
a refund of your deposit. |
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You are owed a dividend checks from your stock
or mutual fund that has been going to the wrong
address. |
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You have a certificate of deposit with a bank
that has seen no activity for five years. If you
let it roll over and ignore the bank's mail, it
could be declared abandoned. |
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A relative died without a will, and its taken
years for the courts to settle the estate. |
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A relative died and the insurance company took
a while to send the check for the proceeds of the
life insurance policy. |
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You simply forgot about some money owed you. |
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To prevent property
from getting lost keep an up to date list of your family’s
assets including: bank accounts, certificates of deposit,
mortgage escrow accounts, retirement accounts (IRA,
Keogh, and 401(k)), layaways, stocks, bonds, mutual
funds, life insurance policies, security deposits, and
safe deposit boxes. If you change your name or address,
write to the address associated with each asset to notify
them of the change. Likewise, if you regularly receive
insurance benefits or dividends, and the checks stop
coming, promptly notify the company of the problem.
Unclaimed property can include: |
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Dormant Savings and Checking Accounts |
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Uncashed Money Orders |
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Uncashed Payroll Checks |
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Unused Gift Certificates |
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Oil and Gas Royalty Payments |
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Uncashed Stock Stock Certificates |
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Mineral Royalty Payments |
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Unclaimed Security Deposits |
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Utility Deposits |
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Customer Deposits, |
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Overpayments, |
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Credit Balances |
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Court Deposits |
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Insurance Payments |
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Probate Court Judgments |
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Property Overlooked |
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Paid Up Life Insurance Policies |
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Uncashed Death Benefit |
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Health and Accident Insurance Payments |
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HUD/FHA Refunds |
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What Happens
To Unclaimed Property?
Every state has unclaimed property
laws which declare money, property, and other assets
to be abandoned after a period of inactivity of three
to five years. During this abandonment period landlords,
banks, utilities, hospitals, brokerage firms, mutual
funds, insurance companies, and other organizations
are required to try to return the valuables to their
rightful owners. If they are unsuccessful, they then
turn the property over to the state's abandoned-property
division or unclaimed property office.
According to a US Supreme Court decision
(Texas vs. New Jersey, 379 US 674, 1965), the unclaimed
property is returned to the state of the property owner's
last known address. If no address is known, it is returned
to the state in which the business holding the funds
is incorporated.
The unclaimed property office then
tries to find the rightful owners, by placing advertisements
in newspapers and trying to trace the owners. Unfortunately,
many states only advertise the new additions to their
files.
There is no time limit on claiming
your property. Abandoned property has been reunited
with its rightful owners 30, 40, and even 50 years after
it was turned over to the state. Some states have unclaimed
property dating to the late 1800s. (A few states have
started setting time limits, but in most cases a tracer
that talks about statute of limitations is trying to
create a false sense of urgency.)
If the owner of the property is deceased,
the relatives can file for the unclaimed property. |
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