Studies show that one out of ten people fall under the Massachusetts unclaimed funds. If we are to follow what is stated under the Unclaimed Property Act of Massachusetts, any unclaimed property will be held until the time that it could be handed to its rightful owners. By law, any unclaimed funds will be held by the state treasury office for more than 2 years, afterwhich, this will be made available for public inspection.
Every year, there are billions of dollars that go dormant and accounts get lost due to a host of reasons. It may be because of a marriage that broke up, names that are misspelled, when a person gets relocated due to another job offer, a change in address without proper notification, death or due to post office errors. In some cases, there are banks and businesses that go bankrupt, unexpected migration or a single woman getting married and changing her last name. It is because of these reasons that dormant or lost accounts go without being found out because the government, companies and banks have already lost track of who the real owner of the funds is.
Because of this, the Unclaimed Property Division furnish an alphabetical list of people who have their last known address in the state to check if they have any Massachusetts unclaimed funds. Eventhough your name might not be on the list, you may still inquire if there are any funds that are held under your name.
Here are some tips to help you in your inquiries for Massachusetts unclaimed funds:
The unclaimed funds may be in the form of bank savings and checking accounts that have gone dormant over the years. Un-cashed money orders as well as cashiers checks are also part of the list. The contents of abandoned safe deposit box, unused gift certificates, lost cash dividends, unclaimed insurance benefits, stock earnings, security and utility deposits as well as royalty payments may fall under Massachusetts unclaimed funds as well.