10 states sitting on billions of dollars
Does some of this unclaimed property belong to you?
Didn't find your pot of gold at the end of the rainbow on St. Patrick's Day? You may not be out of luck -- you may be a few clicks away from no-strings-attached cash. It sounds fishy, but it’s no scam.
The fact is that states are holding onto literally billions of dollars in unclaimed property that belongs to people all of the country -- and some of that could be yours. Just look at the amount of unclaimed money held by the top 10 states holding the highest value in unpaid claims.
Top 10 states holding the highest value in unpaid claims
- New York: $12 billion
- California: $6.1 billion
- Texas: $2.2 billion
- Pennsylvania: $1.9 billion
- Michigan: $1.55 billion
- Ohio: $1.53 billion
- Illinois: $1.5 billion
- Florida: $1.2 billion
- North Carolina: $1.14 billion
- Virginia: $1.1 billion
Source: National Association of State Treasurers (NAST) 2012 Unclaimed Property Survey
How much cash could you snag? It depends, of course, but of the $2.25 billion returned as a result of state unclaimed property program efforts in 2012, the average claim was $892 according to NAST. For many of us, that kind of cash could make a good dent in a credit card bill or help jump-start an emergency savings account. Since debt has a huge impact on your credit scores, extra cash can mean long-term savings and short-term relief. (If you want to see how your debt is affecting your credit scores, the free Credit Report Card will show you two of your credit scores for free every month, plus a breakdown of the major factors impacting your credit.)
Where does it come from?
There are a variety of sources for this money, but the top 10 are:
- Savings or checking accounts
- Uncashed dividends or payroll checks
- Stock certificates or accounts, bonds, mutual fund accounts
- Insurance payments or refunds
- Utility/security deposits
- Travelers checks
- Unredeemed money orders or gift certificates (in some states)
- Life insurance policies
- Contents of safe deposit boxes
- Misplaced pensions, retirement money and lost 401(k)s
This is all money the rightful owner either forgot about, or in the case of an inheritance or insurance policy beneficiary, may not even know about. If you find a match, you may even be owed interest on those funds, depending on the type of property and the rules in your state.
Like winning a free lottery
Some of the biggest claims have been more than $1 million. For example, here is a list of the top 10 single highest claims ever paid by state:
- North Carolina: $12,421,645
- Missouri: $6.1 million
- Texas: $4.3 million
- New York: $4 million
- Florida: $3.9 million
- California: $3.5 million
- Wisconsin: $3,190,128
- Arizona: $2.4 million
- New Jersey: $2.3 million
- Pennsylvania: $2,117,816
We’re not talking about just a few people here and there who find they are entitled to unclaimed property. Hundreds of thousands of lucky consumers each year learn they have money coming to them.
The top five highest total claims paid out (2013)
- Ohio had 5,930,845 total searches in 2013 with 162,797 total claims.
- Texas had 2,141,237 total searches in 2013 with 150,104 total claims.
- Florida had 2,083,698 total searches in 2013 with 134,604 total claims.
- New Jersey had 4,233,547 total searches in 2013 with 75,587 total claims.
- Arizona had 1,772,048 total searches in 2013 with 51,190 total claims.
Find out if you have unclaimed property coming to you by searching MissingMoney.com. It’s completely free, and there is no fee to search for your property. (Avoid anyone who tries to charge you a finder's fee for this service.) If you find a match, you will be given instructions for filing a claim. Twenty-three states accept claims electronically, while seven states offer a completely paperless claim process.
And if you’ve searched before, or if you have only searched your state treasurer’s website, it doesn't hurt to try again. New property is being added all the time, and because it covers multiple states, something may turn up in another state. (Currently, most states participate, but if you have ties to one that doesn't, you will want to check that state's site as well.) My husband found out he was owed more than $500 a few years ago, and recently learned he was owed a couple hundred dollars from another source.
You never know what might be waiting for you, and it won’t cost you a dime to find out.
More from Credit.com:
LETTER TO THE CRIMINAL RULING CLASS:
You control our world. You’ve poisoned the air we breathe, contaminated the water we drink, and copyrighted the food we eat. We fight in your wars, die for your causes, and sacrifice our freedoms to protect you. You’ve liquidated our savings, destroyed our middle class, and used our tax dollars to bailout your unending greed. We are slaves to your corporations, zombies to your airwaves, servants to your decadence. You’ve stolen our elections, assassinated our leaders, and abolished our basic rights as human beings. You own our property, shipped away our jobs, and shredded our unions. You’ve profited off of disaster, destabilized our currencies, and raised our cost of living. You’ve monopolized our freedom, stripped away our education, and have almost extinguished our flame. We are hit… we are bleeding… but we ain’t got time to bleed. We will bring the giants to their knees and you will witness our revolution!
The middle class that built this country
After providing all of the birth certificates, state identification etc. the State STILL refuses to release the money stating that "she could be someone with the same name". Occasionally there is a public service news story with some official telling how they do whatever they can to reunite money with righful owners. Nothing is further from the truth. They will do whatever they can to keep their hands on your money.
Don't think Illinois wouldn't like to take all that cash!!! Gov. "Potato head Quinn and Sen. Dick Durbin could buy a lot of votes and give away a lot of freebies to the illegal aliens that have found a new home in the Sanctuary State of Illinois!!!!!
"Come to Illinois for all you can get" We'll just steal it from our pension systems!!!!!!!
So I read the instructions on how to claim the money. There were so many hoops to jump through that it would've cost me more than the money I was owed to get it. You basically had to travel too the state capitol, which is 125 miles away, find the state treasures office, show 5 forms of ID, take a day off of work since they're only open on weekdays, etc etc.
So unless the state owes you serious amounts of money, it's pointless. I figured it's the states way of getting to keep your money.
"karl holm (KARL WAS THE MAN) WHO did NOT know HE IS the cause and the SOURCE of the existence of the "Ruling Class".
1- There can be NO ruling Class without a class that is WILLING to be ruled.
2- There can be NO corrupting Class without a class that is WILLING to be corrupted.
3- There can be NO rich Class without a class that is WILLING to consume anything and everything produced and imported by the Rich Businessman from American OUTSOURCED factories.
There is no greater Bull$hi#er than the American Businessman; there is no greater sucker than the American People. © 1991-2014.
By continuously creating a need where none existed before, the American Businessman has manipulated the life of the American People in every aspect, to the point where the American people cannot survive without the help of the American businessman who oddly enough cannot survive without the credulity of the American People.
Advice to "KARL WAS THE MAN" and alike: Consume LESS "Made OUT of USA" and don't REELECT any Official, be it in Congress, Senate, Whitehouse or locals.... and above all loose weight and get rid of that COMPLACENCY you have been living in for the last fifty years.
Patriotism is much more than just hanging the country flag at the entrance of premises.
"10 states sitting on billions of dollars"
WHAT A FORKIN' LIE!!!!!!
They already spent it ALL......
& the only way they'll pay it back is take it from future TAXPAYERS!!!
"Sitting on billions of dollars"................****!!!!
Call me cheap, but I know if somebody owes me money.
By the way, what happened to the article advising folks to invest in the stock market with a second mortgage?? They pulled it. Censorship because of overwhelming negative comments?
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