Maryland Unclaimed Money News You Need to Know
Each year millions of dollars in dormant or lost accounts go unclaimed in Maryland. If you know anyone who has ever moved or died, the state may be holding unclaimed cash, lost securities, bonds, refunds, insurance claims, deposits, jewelry or coins.
In addition to money and securities, the state’s holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles.
After certain kinds of assets have been dormant for three years or more (depending on which type), they are considered “unclaimed funds”, and the insurance company, financial institution, or corporation holding them has to turn them over to the State Comptroller’s Office.
The citizens of Maryland should feel lucky, because they live in what is called as a “custodial state”, which means there is never a time limit for people to claim their abandoned assets, and after a person passes away the rightful heirs can still claim it.
However residents do have to act quickly on safe deposit boxes, because the contents will be auctioned off. The rightful owner can still at any time come forward and claim the auction proceeds, but if the item is of sentimental value, it might be gone forever if you don’t act fast.
Maryland missing money is not only for people currently living in the state, though. American citizens who previously resided in Maryland may be due some money, and even people who have never even set foot in the state, in some cases.
When corporations that have businesses in multiple states across the country, they are required by law to turn over lost assets to the state in which the corporation is incorporated.
So if a person has ever worked for a corporation that makes its home in Maryland, they may be due a claim, even if a search of the person’s own home state’s records turned up nothing.
For the same issues raised above, Maryland residents should search the listings of any other states where they might have lived or had any employment or had business interests, even if they did not know it.
Each state has its own records, so checking the listings of only one state does not come close to being a thorough search. They are Gold Mines that are just waiting to be discovered by the rightful owners or even their heirs.
