Home Business The State had a woman's unclaimed funds. It turned out to be a windfall

The State had a woman's unclaimed funds. It turned out to be a windfall

by SuperiorInvest

In the pre-dawn hours of this month in Singapore, Ms Cox and I discussed the matter over Zoom with the state comptroller's office while we waited for her young children to move and end the proceedings. At one point, Ms. Cox thought to ask about the missing $45,000, that amount left over from the 2014 statement. How much of her money did the state have now?

“It's $115,000,” was the response.

It turns out that the state tracks investment performance and you get all that growth when you come forward to claim your property. Those old Eaton Vance mutual funds had held up reasonably well. Mrs. Cox gave a wry smile.

Later that day, I asked him about his plans for the money, which arrived in his bank account via wire transfer this week. Maybe a new 529 college savings plan for those two kids? With the help of a Morgan Stanley broker?

“I don't think so,” he said. “No no thanks.”

Not all unclaimed funds are bank or brokerage accounts that their owners forgot about. There could be stock dividends, insurance policies, uncashed checks, and much more. If you want to find something in your name (or, say, older relatives), here's how to do it.

Search your state (or each state)

Every state has some type of unit of unclaimed property. If you search online, it's easy to find; just make sure the site is legitimate. Florida, enjoying the madness as always, manages its operations from the FLTreasurehunt.gov web address.

The National Association of Unclaimed Property Administrators has a map on its home page with links to each state's site. You can search all states at once at missmoney.com

Prepare your credentials

To make a claim on your property, you will need to prove who you are, often with personal information or perhaps identification. You may also need records from the company you were dealing with before you turned everything over to the state.

Appeal when blocked

If a state rejects you for any reason, take careful note of what, if anything, might cause you to change your mind. If you don't like the answer and you live in the state where the unclaimed property is located, contact your state representatives and ask them for help as an act of constituent service.

And if it's the company you patronized that turned over your property to the state and is now raising obstacles, appeal to any customer service department. If that doesn't work, try the should-be patented executive email bomb method of selectively sending direct letters to a company's executive team.

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