Missing Money
Missing Money is a term used to describe Unclaimed Property. Unclaimed or abandoned property includes accounts at financial institutions (banks, investment firms) and companies that have have been dormant for one year or a longer period, where there has been no contact with the owner or account activity within the given time period. Types of unclaimed property include contents of safe deposit boxes, savings or checking accounts, stocks, uncashed dividends, uncashed payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders, unredeemed gift certificates or gift cards (in some states), insurance payments or refunds, life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits and mineral royalty payments.http://www.unclaimed.org/what/
Each state in the United States has an unclaimed property statute that protects funds owed to you if the company which holds them has lost contact with you. The companies are required to transfer the funds to a state official who is charged with finding the owner or their heirs. In most states, funds are held until the owner is found. The state will return the funds to the owner at no cost or for a nominal processing fee after filing a claim and verifying identity. In the case of safe deposit boxes, most states hold periodic auctions of the items contained therein and hold the funds obtained from the sale for the owner. Some states handle stocks and bonds in a similar manner.http://www.unclaimed.org/what/
updated 2010-07-17 15:52:03
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