Unclaimed Property Blog

There are many gift cards available and many variations as to their redemption. If you are confused, you are not alone. Here are some facts behind why one would feel confused.

Beneath a bold promise saying, “Treat this card like cash,” a card may say in smaller, lighter print, “Expires within one year unless otherwise designated by law except in California, Delaware, Rhode Island, and Illinois where there is no expiration.” Some cards do not have any disclosures.

Pennsylvania law is silent on one of the ugliest trends in gift cards: fees assessed for “maintenance” or “dormancy” that can quickly erode the value of a gift. Thanks to such fees, a gift card can become worthless even without an expiration date.

Kentucky has given the answer to that question. It came about because some Kentucky tobacco growers have unclaimed money waiting for them in state coffers.

In June, as part of the Phase II Tobacco Settlement program, checks totaling more than $863,000 were returned to the state. Approximately 5,000 checks were returned because no forwarding address was left, the forwarding address had expired, the recipient was deceased or the post office box was closed.

The checks were among 164,000—totaling $114 million—that were sent out.

The June checks will expire this year (June 2006). If their recipients do not collect, the money will go into an unclaimed property fund. After three years, the state may spend the money.

There are some subjects that you know you should discuss with your parents but just do not want to. Finances is one of them. There are some things you do need to know. Read on for useful information regarding this subject.

First is to find a comfortable time in which to talk to your parents and then approach the subject in your best unemotional manner. Here is the information you want to find out:

Gift cards are becoming an issue with state treasurers. Pennsylvania and New York recently voted on no expiration dates for gift cards. Now North Carolina is looking into where the money belongs.

North Carolina, like many states, has millions of dollars sitting in the state’s bank account that nothing is being done with. It’s called unclaimed money or unclaimed property. In North Carolina’s account there is more than $500 million dollars, of which more than half has been sitting there for 20 years or more. But better yet, the state believes more than $100 million will sit there and never be claimed.

Could this be a scam? Could a business exist to claim property that has been abandoned and then not return the property over to the rightful owner? Read on and decide for yourself.

Patricia Reeves of San Diego was overjoyed last summer upon learning that she was the legal owner of thousands of dollars being held by the Federal Deposit Insurance Corp (FDIC).

Someone from Titan Asset Recovery, a Vancouver company, told her they could retrieve the money—they didn’t say how much—if Reeves allowed Titan to take a 35 percent cut.

To some the Sunday paper means savings via coupons. The February 12,2006 edition of the Sun-Times could mean much more for some Illinois residents.

Inserted inside the Sun-Times is a 108-page list of people that have money being held by the state. This list of 59,280 new names of people and businesses add to the more than 5.7 million others from previous years. The state estimates it has hundreds of millions of dollars waiting to be collected.

Inland Wetlands and Watercourses Agency in Greenwich, Connecticut is holding bond money and having difficulty finding the rightful owner to return the bond once the job is done.

The wetlands agency is holding $3.8 million in outstanding bonds. Some being unclaimed for more than two
decades.

How could this be? Simply put, the Inland Wetlands and Watercourses Agency requires a bond to be posted prior to doing work near or in wetlands. The bond is often for thousands of dollars, which the town holds as a way of ensuring that the work done does not exceed what the agency permits.

The Internal Revenue Service wants to help you, it is currently warning taxpayers of a new scam to “phish” vital personal information from unsuspecting targets.

Here is how it is done, the perpetrators are sending e-mails to consumers claiming to be the IRS and directing them to an Internet link that asks for Social Security numbers and credit card information.

The IRS does not ask for personal identifying or financial information by using unsolicited e-mails and taxpayers do not have to complete a special form to obtain a refund.

This e-mail scheme is an attempt to trick the recipients. You are being advised to not respond.

Imagine day in and day out you see listings of people that are owed thousands of dollars and they are not even aware of it. You know the rightful owner of some of this money may never be found – what do you do? Will this temptation lead you down the wrong path? It may have for a Cook County, Illinois treasurer’s office employee.

Jonathan Martin, a Cook County treasurer’s office employee used his position and access to data in an elaborate scheme involving property tax refunds owed to taxpayers, prosecutors alleged. He faces up to five years in prison if convicted of official misconduct.

An amnesty was recently announced regarding businesses and unclaimed property. This could save some businesses quite a bit of money.

Nebraska state Treasurer, Ron Ross, is the one behind this amnesty. He is giving all businesses in Nebraska until June 30th to report any unclaimed property they may be holding and have failed to report.

State law requires the treasurer’s office to collect unclaimed property, such as paychecks of employees who have quit and cannot be found. The business owner has the responsibility to report this otherwise fines will be incurred.