$300 billion unclaimed
in forgotten account

By CHRISTINE DUGAS
Gannett News Service

State and federal coffers are filled with money that may belong to you ― although your share might not amount to much. About 80 million Americans are entitled to about $300 billion in unclaimed and abandoned assets.
  "I think almost everyone is owed money,. as the original owner or as the rightful heir," said Mark Tofal, author of Unclaimed Assets: Money the Government Owes You.
   Unclaimed assets range from aban­doned bank accounts and unclaimed insurance benefits to uncashed Social Security checks and unused gift certificates.
   An asset is considered abandoned if the owner fails to communicate with the institution holding the money for a set period of time, which depends on the type of property.
   Say you stop using a bank account for a few years. After the so-called dormancy period, the bank is sup-posed to try to find you ― usually by letter or phone call. If you do not

respond, the money is transferred to the custody of the state or federal government.
States account for just a small por­ tion of unclaimed assets. "Last year alone, the Social Security Adminis­tration had $478 million in uncashed checks, while the IRS had $340 mil-lion," Mr. Tofal said.
   Many accounts are abandoned when someone dies. But there are other reasons:
■ Fire or natural disaster. They often destroy records and cause people to lose track of accounts.
■ Age and mobility. Americans live longer and move more, making it easier to forget an account and more difficult for companies to find them.

Newspaper Articles

Billions in savings bonds still unclaimed

NEW YORK ― Bestowed at christenings, tucked into birthday cards, and doled out at graduations, the U.S. savings bond has been one of the most popular gift items in America over the years.  It's also one of most misplaced.  Right now, $6.5 billion in savings bonds is languishing out there, past maturity and no longer earning interest, simply because the owners have lost track of them.

STATE'S UNCLAIMED PROPERTY TEAM SEARCHING FOR GOVERNOR

 TALLAHASSEE, FL - Jeb Bush, where are you? The comptroller's office is looking for you. It has some of your money. It's also looking for Ronald Reagan, Sylvester Stallone and Gloria Estefan. John Bush, known to most Floridians as "Jeb" is owed $85 of the $725 million in unclaimed funds held by the state. The governor's name, along with thousands of others, was published in The Miami Herald Thursday in Comptroller Bob Milligan's advertisement for the "missing" owners of unclaimed property. By law, holders of the unclaimed money must send a letter to the owner's last known address before turning the property over to the state."We do try to contact people," said Joy Koerber, outreach specialist for the comptroller's Bureau of Unclaimed Property. Koerber said the comptroller's staff mainly relies on newspaper advertisements to let people know if they've got money coming to them.
On the Net:  Florida Department of Banking and Finance, Bureau of Unclaimed Property,
http://up.dbf.state.fl.us

State has Trouble returning lost assets

LANSING ― When Michigan residents forget assets in bank accounts or safety deposit boxes, the state Treasury Department pledges to find them and return the cash and valuables.  It apparently does not try very hard U.S.  Rep. David Bonior, soul queen Aretha Franklin and former Supreme Court  Chief Justice Conrad Mallett Jr. are among the notable  people listed on a state database of owners of unclaimed property.  Several state government departments are also on the list, including the Treasury Department itself.  The list is available on the Internet through the Treasury Department Web site at www.treas.state.mi.us.