Learn How to Claim Unclaimed Property in Georgia
The Georgia Department of Revenue has nearly $1 billion in unclaimed funds. This money is turned over by holders whenever they are unable to locate the owners after so many years. The number of years varies depending on the type of asset. Companies and financial institutions must report abandoned property to the State of the owner’s last known address. Georgia has unclaimed property belonging to current residents and former residents.
If you have ever lived in GA, you can conduct a search online to find out if you are owed any money. This money can come from the following:
As mentioned above, the dormancy period varies. The holding period is the time that passes before the holder can return the information into the state. For unpaid wages, the period is one year from the payday. For company liquidation proceeds, the dormancy is one year from sell date. For safe deposit boxes, the period is two years from drilling dates.
The list of unclaimed property owners in GA is updated every July. Any account totaling more than $50 is on this list. Over $200 million has been paid out since 1973, when the Disposition of Unclaimed Property Act was first adopted in the state of GA. Approximately four out of nine Georgians are owed $50 or more. Most of the unclaimed money goes to current or former residents in Savanna and Atlanta. The Disposition of Unclaimed Property Act was adopted by Georgia’s legislature in 1973. The Act protects the rights of owners and relieves the financial institutions and companies of the responsibility of maintaining such records.
Unfortunately, Georgia doesn’t make it easy for individuals and companies to claim their money. The Department of Revenue only offers the full list of names on a diskette, which has to be purchased for $50. You can search for names for free, although the information isn’t thorough. The list contains information such as account tracking numbers, owner’s name, and last known residence.
In order to make your claim, you’ll need to send in a copy of your ID and an affidavit. The package will be reviewed by a claims examiner. If your ownership is proven, and the form is filled out correctly, the examiner will request that the Dept. of Revenue send out your check. The process can take anywhere from thirty to ninety days.