North Dakota Unclaimed Property – More Than $20 Million is Owed to ND Residents
In the state of North Dakota, the Unclaimed Property Division has been around since 1975. This Division has since then worked to reunite residents with lost or misplaced property. This property includes intangible assets that come from unclaimed funds in banks, utilities, insurance companies, retailers, the government, and so forth. Every year, any business or financial institution that operates in North Dakota that has dormant accounts or outstanding checks, must report the information to the state.
To date, there is over $20 million in unclaimed funds in North Dakota. With a population of 649,000, the odds are good that you might be owed money. This is, after all, one of the least populated states. Furthermore, North Dakota is doing a good job at returning unclaimed assets to its residents and former residents.
Nearly 50% of all the assets that have been turned over to the state, to date, have been returned to its rightful owners or their heirs. The Unclaimed Property Division has been active in its search for the owners of unclaimed or abandoned assets. Here are a few examples of how the state’s revenue department tries to reach out to owners or their heirs:
When owners make a claim for their money, they can get all of it back. However, in regards to accounts with interest, the amount of interest that accumulates since the time the account became dormant is used to fund public schools throughout the state.
In North Dakota, unclaimed funds are kept in the state’s treasury office. This unclaimed money or property could be dormant checking accounts, savings accounts, uncashed checks, money orders, unredeemed gift certificates, royalty payments, insurance benefits, utility deposits, lost cash dividends, safe deposit boxes and contents, etc. These have dormancy periods ranging from one to five years.
In order to find out if you have money, you can search the database on the state’s treasury website. Try using different combinations of your name, as some accounts include middle names or initials and others do not. If you find that you have something owed to you, you can make a claim for it. You will be asked to provide proof of your identity and that the account does indeed belong to either you, or a deceased relative.
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