Unclaimed Funds: What are they?

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Jeff Richman

Real Estate Investor from Charlotte, North Carolina

Mar 25 '11, 08:12 AM

Unclaimed property (often referred to as abandoned) refers usually (but not always) to accounts or assets that are held, issued or owed in financial institutions and companies that have had no type of activity generated or contact made with the owner for a statutory period of time (this means it is up to the state to decide the time period).

Some examples of unclaimed assets are:
Checking accounts Savings accounts Safety deposit boxes
Outstanding payroll or vendor checks Stocks
Insurance payments and/or refunds Traveler’s checks
Uncashed dividend or payroll checks Refunds
Trust distributions Gift certificates Bonds
Unredeemed money orders Life insurance policies
Annuities Certificates of deposits Utility security deposits
Mineral royalty payments Accounts receivable credit balances

These are a few of the ways that money goes into the Unclaimed Property offices throughout the United States.

At the current time there is about $33 Billion dollars that is reported and shown.

There are Billions of dollars more that is not shown to the public without knowing where to look.

This is excess money from tax sales, mortgage foreclosures, estates, and bonds to name some of the funds.

There are approximately 400 different governmental agencies that have excess money.

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