Unclaimed Property – Do You Have Hidden Treasure Out There?
Maybe you've seen the announcements that up to 1 out of every 4 Arkansans may have unclaimed money or other property out there. Likely you have just dismissed them because after all, you know what you have and where it is, right? Most people, of course, try to keep track of their assets, but it's easier than you might think for money and other property that is yours to slip through the proverbial cracks! According to the website of the National Association of Unclaimed Property Administrators, in 2011 (the last year for which they show data), there were 2.5 million claims resulting in $2.25 billion being returned to rightful asset owners. The average claim was $892. However, there was a staggering $41.7 billion still unclaimed and waiting to be returned! No doubt that number has grown in the intervening years. Specific to Arkansas, the Arkansas State Auditor, Andrea Lea, states that there is currently over $280 million in assets waiting to be claimed in Arkansas. And while the $892 average amount received is certainly not a financial "game changer" for most people, still it's worth the effort for someone who has any suspicion they may have "hidden treasure". So how could this happen and just what are the sources of these unclaimed assets anyway? Well, as you might suspect, they are numerous, and there is no way really to provide an all encompassing list. However, some of the more common sources include:
- Security deposits, such as those made for rent and utilities;
- Abandoned safe deposit box contents;
- Accounts at banks and other financial institutions such as brokerage firms;
- Unredeemed savings bonds:
- Stocks and bonds
- Uncashed travelers, dividend or payroll checks, as well as royalty payments;
- Unredeemed money orders;
- Life insurance policies and annuities;
- Refunds, such as for state and federal income taxes
And the list continues. Basically, when an institution has no contact with the owner of property or there has been no activity for a period of time specified by law (the time period differs depending on property type), the property may be considered unclaimed. Every state has an unclaimed property program that requires companies and financial institutions to turn such account assets over to the state, and it then becomes the responsibility of the state to attempt to locate the rightful owner. Most states participate in a program called Missing Money. To search for missing property, you may have to search the database for each state where you have lived (or have had family for that matter if you are the rightful heir). To do this, go to www.missingmoney.com. While Arkansas doesn't currently participate in Missing Money, you can perform the same search for Arkansas unclaimed property at www.claimitar.com. This program is administered by the Arkansas State Auditor. The federal government also tracks a variety of unclaimed property, including tax refunds, unclaimed pensions, funds from failed financial institutions and other sources. You can find their resources at www.usa.gov/unclaimed-money. Certainly not everyone is going to find hidden treasure from unclaimed property. But with the large value of property out there to be claimed, it certainly could be worth the look. Obviously you will never know until you start digging. Good luck!
