$12 million in unclaimed cash owed to Mainers this year

Posted: February 08, 2016 | Uncategorized

The Office of the State Treasurer has received more than $12 million in the form of unclaimed property in the past year, and we are urging all Mainers to check whether any of that cash belongs to them. Please visit the treasurer’s website to see if they you, your friends or your family are owed money. There’s no need to leave your cash sitting on the table.

What is unclaimed property?

Simply put, unclaimed property is money owed to Maine people by third parties, such as former employers, banks or utility companies. This money could be the result of money leftover in a forgotten account, overpayments or unpaid wages. It does not include real estate, animals or vehicles.

Why does the State Treasurer have my money?

Organizations are required to give unclaimed property to the Office of the State Treasurer after a specified period of time, after which the owner of the unclaimed property can retrieve it from the state.

How do I know if I have unclaimed property?

You can search the Treasurer’s Unclaimed Property List here. If you find your name, of the name of your current or past businesses on the list, you can claim the property immediately online — for free.  You can also search your friends and family and let them know about unclaimed properties that may belong to them. To find out if you are owed money in other states missingmoney.com serves as a National Database.

What kind of people should look for unclaimed property?

Everyone! There are any number of reasons you could have unclaimed property. This money could be out there as a result of a change in your name, addresses or bank account. Even if you have done everything right, you could have unclaimed property.

If I wait too long to claim my property does it become the state’s?

No, the state will never take your money

When is the best time to check the list?

The Office of the Treasurer receives new properties throughout the year.   Be sure to check back as often as you can.

How can I keep property from becoming abandoned?

  • Keep a record of all bank accounts.
  • Record all utility deposits, including telephone, cable, and electricity deposits.
  • Respond in writing to any requests for confirmation of account balances with banks, stockbrokers and utility companies.
  • Prepare a check list of all accounts to be notified when you change your address. Share this list with a family member or trusted advisor.
  • Notify your bank, credit card issuer, employer, 401K administrator, life and health insurance contact, mortgage lender, doctor, attorney, accountant, retirement fund, investment account, mutual fund, safe deposit box account, and any others of your name and/or address changes due to marriage, divorce or other legal action.
  • Notify your business contacts of your change of address when you move and when the post office notifies you that your address has been changed, even if your physical location remains the same.
  • Cash all checks promptly upon receipt, no matter how small.