Despite Connecticut’s Size, it Holds Large Amounts of Unclaimed Money
Unclaimed money is a big issue in the small state of Connecticut. The state treasuries in Connecticut are their trying best with their implemented initiatives to slow down the alarming growth of state unclaimed money but the progress is still the topic of discussion. The initiatives led by the state include dedicated websites for citizens, annual public releases and public fairs to educate people about the Connecticut unclaimed money.
The Connecticut unclaimed money is kept under the safe custody of the state controller until the rightful owner is found. With application procedure made easier and a centralized website for information, Connecticut hopes for the problem of state unclaimed money and unclaimed property, to slow down a bit in coming times.
The owner’s last address of residence is the one that the state takes into consideration while sending them written notices or releases. As per the state treasuries, the primary sources of state unclaimed money are savings accounts, un-cashed money orders, cashiers checks, royalty payments, safe deposit box contents, unused gift certificates, unclaimed insurance benefits, lost cash dividends, stock, found utility deposits, unclaimed security deposits, and court deposits.
The unclaimed division of the treasury claim that for the fourth time the division made a successful return of 9.4 million dollars to its rightful owners. The state treasury has returned more than $47.7 million dollars to about 42,500 rightful individuals in the past five years. Still the state is feeling the burden of the growing pile that may be because of the ignorance among the people.
Unclaimed funds are abundant in the small state of Connecticut. Connecticut may be a small area when it comes to size but it proves to be a large region when it comes to unclaimed property and money lying within the state treasury. The state treasury believes is around $545 million dollars in unclaimed money. The state treasuries are trying their best in educating the people but still a lot is to be done to return this large amount of unclaimed money.
