Over $247 Million Up For Grabs In Maine Unclaimed Property
It's that time of year again to get everything in financial order. Taxes, bank accounts, investments, and oh yeah... the State of Maine Unclaimed Property.
As of today (2/25/21) the state treasurer is holding $247,726,575. It's safe to say you don't need an accounting degree to know it's a lot of money, perhaps your money, maybe your friends, family, check for all of them....they may even give you a finders fee.
The big question in the room is, where does all that unclaimed money come from? The answer is....many places. From old bank accounts that you have forgotten about, to settlements, to over-paid bills, to all kinds of different businesses you may have had dealings with.
For many of these unclaimed items, they get racked up after someone moves and the new address changes, or some gets a new phone, ect. Businesses that owe you money can't legally keep it on their books. The states require businesses turn the property over to them after it becomes dormant and a reasonable attempt is made to reach you.
After working in the financial world for several years it always amazed me how many people forget about their bank accounts, or investments. In the financial world there are rules in place that require customer initiated contact or the state can escheat the money in the accounts. Each state is different but usually between 3-5 before the funds are esheated. Also depending on the state they may only hold on to that money for so long as unclaimed property before it is completely forfeited and the state will take ownership of it as abandoned property.
So now is as good a time as any to CLICK HERE and goto the State of Maine unclaimed property website and check to see if something is there for you or someone you know. The site is very user friendly and will walk you through making a claim if you do find something of yours there.
Also keep in mind that each state has their own unclaimed property program so if you have lived elsewhere it is wise to check those states also.