Unclaimed Property Blog

You could lose money you didn’t even know you had. Your unclaimed property used to be safeguarded by the state. Now states are enacting laws that enable them to use the unclaimed property for publicly funding statewide and legislative campaigns.

This is a true good news, bad news situation. There are needed actions being taken to remove corruption regarding funding campaigns, however, it is the citizen that will still be paying.

In Connecticut such is the case. Governor M. Jodi Rell praised the passage of the landmark campaign finance reforms for which she has been fighting for months, declaring that “Connecticut is now a national model for reform� and that “Connecticut citizens can once again be proud of the way we conduct our campaigns.�

It seems that everyone has different views on how to spend money. What do you do with money that has been dormant and unclaimed for many years? Recently the UK has made known how it wishes to handle its unclaimed assets.

Chancellor Gordon Brown said in his pre-budget report that banks and building societies had agreed that unclaimed assets held in accounts will be diverted to help improve youth services and financial education. It said banks could have an option to focus on their local community charities.

Dormant accounts will be defined as those untouched for 15 years.