Treasury Returns Record $84M In Unclaimed Property In FY 2012
Nearly $84 million in forgotten property was returned to its owners during fiscal year 2012, state Treasurer Steven Grossman announced today.
The record-breaking amount that his office's Unclaimed Property Division returned during the year was a 10-percent increase over the prior year's amount of $76 million, and a 42-percent increase from the $59 million returned when Grossman took office in fiscal year 2010.
Unclaimed property includes forgotten savings and checking accounts, uncashed checks, insurance policy proceeds, stocks, dividends and contents of unattended safe deposit boxes. Most accounts are considered abandoned and turned over to the treasury after three years with no activity.
Grossman attributes the increase in returns to ramped-up outreach efforts his office has undertaken. According to a statement from Grossman's office, the division raised awareness of the program through social media and public forums, and cross-referenced names on the unclaimed property list with other databases.
"We've taken an aggressive and creative approach toward business at the Unclaimed Property Division – and it's paid off," Grossman said. "This is not the state's money – it belongs to the citizens of the commonwealth. We want to take every step possible to get unclaimed property back into the hands of its rightful owners."
The state is holding about $2 billion in trust until owners are identified and Grossman said one in 10 people in Massachusetts have unclaimed property in their name. There is no time limit on claiming property and owners often receive interest.
The complete list of all properties held by the treasury is available at www.findmassmoney.com or by calling 888-344-MASS.
Image credit: FreeDigitalPhotos.net.
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