Maine Currently Has Most Intense Unclaimed Money Awareness Campaign
With the problem of unclaimed money disturbing the financial stability of most of the states, Maine is taking up several awareness activities to make sure that public is aware about the concept of free unclaimed money search and its personal benefits.
The problem of Maine unclaimed money is a serious issue taken up by the federal agencies as they realize the aftermath. As per the latest figures released by the state treasuries, about $159 million in unclaimed money is still with the state and the number of records with the state comes around 795,000.
Maine also boasts of an $11.8 million returned last year to the rightful owners, which is because of the new initiatives introduced by the state. The state initiatives include outreach activities to make people aware about the procedure of Maine unclaimed property search. The state of Maine has prepared a database consisting of all the important information related to the lost money scattered all over the region of Maine.
Agencies safekeeping these lost properties believe that by educating people about these lost funds the problem will be reduced to a stable level. As per the State laws, advertisements are posted in the newspaper twice a year to inform people about unclaimed funds. Letters are posted to the last known address of the owner in the state databases and one can also benefit from free unclaimed money search website.
Research is conducted by the state agencies on idle accounts and if the owner is still alive then letters are sent to the last known address. In case the owner is no longer alive then reminder is sent to the close relatives of the deceased. The dormancy periods for the lost properties have also been reduced to two years by the state government and to make sure the financial agencies comply with the procedure, State government has implemented penalties up to 25 percent.
