Maryland Has Half a Billion Dollars in Unclaimed Property – Is Any of It Yours?
Imagine how great it would feel to find out that you are have money coming your way out of nowhere. Well, if you’re one of the 800,000 residents of Maryland with unclaimed property, you will! Many people don’t realize that the ads for finding “Unclaimed or Lost Money” are real. It’s quite possible that you have a few hundred or even a few thousand dollars that you’ve long forgotten about.
In Maryland, the Comptroller’s Office is in charge of keeping legal custody of bonds, stocks, savings accounts, and other types of assets that are reported as unclaimed. The Maryland Unclaimed Property center has over a half a billion dollars to date. This money includes assets that have people have forgotten about or abandoned.
Approximately one out of every seven people in the state has money owed to them. Maryland has given out $300 million over the years, yet a whole lot more remains unclaimed.The state tries to actively reunite owners with their unclaimed assets. The Comptroller’s Office tries to reach out to owners through newspaper advertising, mass mailings, news campaigns, and online services.
While most of the assets can be claimed at any time, the items found in abandoned safe deposit boxes area sometimes sold on eBay. However, the state does try to return the proceeds to the rightful owners. The sentimental value, however, is taken away from the owner.
Maryland is considered a “custodial state”, which means there are no time limits on claiming their property. Some states use the money after it goes unclaimed for more than 10 years or so. While most of the missing money is for residents and businesses in Maryland, some is for people in other states. When corporations have businesses in more than one state, they have to turn over unclaimed wages and benefits to their headquarter state.
If you live in another state, but have worked for a company based in Maryland, or have a financial account in Maryland, you need to check the database for the state. If you do live in Maryland, then don’t forget to check the databases of other states, just in case any businesses you’ve been associated with are located elsewhere.
If the search results come out in your favor, you can claim the property by filling a claim form and sending it in with the appropriate documentation. The claiming process is pretty straightforward. All you have to do is send the Comptroller’s office the requested information to prove your identity and that you have a right to claim the property.