Maryland Experiencing Steady Increase in Unclaimed Money
Maryland is dealing with the increasing pile of unclaimed money, which is hampering the working of the state agencies who are managing these lost funds. The state agencies are introducing initiatives to spread awareness about importance of Maryland unclaimed money to public.
As per the current estimates by the State Treasury, Maryland lost money in total comes to be around $970 million dollars with a total available record of 860,000. Although Maryland boats of $470,000 return last year to the rightful owners, the main problem lies in the rate at which the lost money pile is growing.
As per the State Treasuries, the primary contributors to the growing pile of lost money are the savings bonds that are no longer earning interests. The state is appealing to the citizens to update all their latest information and search on the website of NAUPA all the important information related to lost funds or Maryland unclaimed property.
The ongoing state initiatives include income tax outreach events to invite maximum people to search for their lost funds. Like other states, Maryland also plans to organize state fairs that assist people in gaining knowledge related to lost funds and assist people in making on the spot decisions on a walk-in basis.
Advertisements are being posted in major newspaper and magazines like ‘Business Expo’ twice a year as per the state law to educate and inform people about the lost properties scattered all over the region of Maryland. The state even plans to reduce the dormant period after which, the financial institutions have to pass on the lost accounts to the State.
The state agencies are encouraging people to stand up and claim what they believe to be theirs. These steps, if worked on properly, may assist the state agencies to slow down the alarming rate of Maryland unclaimed money and property pile up in the state and in-turn relieve the agencies managing them.
