Episode 3~ FIND YOURS: FIND YOUR UNCLAIMED MONEY AND OTHER VALUABLES ABANDONED IN FORGOTTEN SAFE DEPOSIT BOXES
GOVERNMENT AGENCIES USUALLY REFER TO UNCLAIMED MONEY AS “UNCLAIMED PROPERTY” WHICH SOUNDS LIKE TOTAL BUREAUCRAT-SPEAK UNLESS YOU’RE TALKING ABOUT SAFE DEPOSIT BOXES. SOMETIMES SAFE DEPOSIT BOXES CONTAIN MONEY, BUT OFTEN THEY CONTAIN PROPERTY SUCH AS JEWELRY.
IF YOU —OR YOUR FAMILY— HAVEN’T VISITED YOUR SAFE DEPOSIT BOX OR INTERACTED WITH IT IN ANY OTHER WAY THAT CREATES A PAPER TRAIL, THE STATE MAY FORCE THE BANK TO TURN IT OVER AS UNCLAIMED PROPERTY. STATES USED TO CONSIDER PROPERTY UNCLAIMED ONLY IF YOU HAD NOT BEEN HEARD FROM IN DECADES. BUT NOW AT LEAST 27 STATES HAVE A DORMANCY PERIOD OF JUST 3 YEARS.
THAT’S RIGHT. FAIL TO BE ACTIVE IN ANY TYPE OF FINANCIAL ACCOUNT FOR JUST 3 YEARS AND THE STATE COULD SCOOP IT UP. STATES BECAME THE GUARDIANS OF UNCLAIMED MONEY ON THE THEORY THAT THEY REPRESENTED THE PEOPLE AND WERE MORE TRUSTWORTHY THAN PRIVATE COMPANIES. BUT MANY STATES NOW BALANCE THEIR BUDGETS BY USING THE INTEREST EARNED ON THEIR UNCLAIMED PROPERTY POT —OR BY DIPPING INTO THE ACTUAL PRINCIPAL.
WHAT DOES THIS MEAN FOR YOU? IT MEANS YOU SHOULD MAKE SURE TO HAVE SOME SORT OF OFFICIAL INTERACTION WITH ALL OF YOUR FINANCIAL ACCOUNTS ON AT LEAST AN ANNUAL BASIS. IN REGARD TO SAFE DEPOSIT BOXES SPECIFICALLY, WE SHOULD ALL LEAVE LISTS OF OUR ACCOUNTS FOR OUR HEIRS, IN CASE WE DIE UNEXPECTEDLY. A SAFE DEPOSIT BOX IS ONE OF THOSE THAT SHOULD BE LISTED.
THE REASON I’M HARPING ON THIS IS THAT THE CONTENTS OF SAFE DEPOSIT BOXES ARE MORE VULNERABLE THAN REGULAR BANK ACCOUNTS. NOW HERE’S THE THING. SAY YOUR GRANDPARENTS LEFT STOCK CERTIFICATES IN THEIR SAFE DEPOSIT BOX. IDEALLY YOU’D SELL THE STOCK WHEN THE VAUE IS HIGH. RIGHT? UNFORTUNATELY STATES OFTEN SELL STOCK AS SOON AS THEY RECEIVE IT, RATHER THAN WAITING FOR AN OPPORTUNE TIME WHEN THE STOCK IS UP. STATES HAVE ALSO BEEN KNOWN TO AUCTION OFF PEOPLE’S PRECIOUS FAMILY JEWELRY FOR A FRACTION OF ITS COST, JUST TO CONVERT IT INTO CASH.
IF YOU’D LIKE TO SEARCH FOR UNCLAIMED PROPERTY FROM SAFE DEPOSIT BOXES, YOU GO ABOUT IT THE SAME WAY YOU DO OTHER TYPES OF FINANCIAL ACCOUNTS. FIRST SEARCH MISSINGMONEY.COM, SINCE THAT SITE ALLOWS YOU TO SEARCH 40 STATES AT ONE. THEN USE UNCLAIMED.ORG (IMPORTANT, THAT’S .ORG) TO SEARCH SOME OR ALL OF THE OTHER 10 STATES INDIVIDUALLY. I’VE POSTED VIDEO TUTORIALS FOR GETTING THE MOST OUT OF BOTH SITES. I ALSO CREATED A VIDEO TOUR OF SOME OF THE MOST COMMON TREASURES FOUND IN UNCLAIMED SAFE DEPOSIT BOXES. YOU CAN SEE THAT AT YOU CAN SEE ALL OF THOSE ON THE “FIND” PAGE OF THIS WEBSITE.