New Jersey’s Office of Unclaimed Property naming names
When cleaning house there are a lot of things that can be found. Some of these you have not seen in so long you may have forgotten about them. Well it is known that many people may have forgotten about property too. You may have lost treasures being held as unclaimed property. New Jersey is publishing in newspapers a list of names of rightful owners of unclaimed property.
Ever wonder if there is money just waiting to be found? You may have read about people finding unclaimed money, but have the idea it couldn’t or wouldn’t happen to you. How could anyone not know they had lost money? It may seem silly, but nine out of ten Americans do find they have missing money.
Where does this unclaimed property come from? Many different sources including but not limited to family heirlooms, uncashed pay checks, security deposits not collected, bank accounts that have been dormant, and insurance policies.
It has been found that people put things into “safe” places; so safe, they forget about it. Each state has different rules and regulations on how these sources of revenue are handled; however, all are turned over to the state and put into the category of Unclaimed Property.
New Jersey is expected to release the names of 149,000 residents with at least $100 worth of unclaimed property held by the state. That list is comprised solely of new additions to the current roster.
Per the Treasury Department, if you see your name on the list, you will be instructed how to file a claim. Once your claim is filed you will be asked to submit proof that you are the claimant. Once that is received the unclaimed property office retrieves the item and returns it to you.
The average return, according to treasury officials, currently stands at $2,000 given to about 15,000 people each year.
In New Jersey the largest returned tangible item was $78,000 worth of jewelry. One man received over $1 million in securities, the largest ever return of so-called intangible goods.
If it lies unclaimed after banks, employers and health care organizations forward it, under New Jersey’s escheat laws, the state can use an equivalent amount of money and must repay any future claimant with interest. In the intervening period, the money accrues interest, under state law.
There is a timetable under which the state declares the items to be dormant, meaning the rightful owners are either lost or have forgotten the property.
For further information about finding and claiming unclaimed property in New Jersey and all other states, click here.
