Every year people in U.S. lose money due various reasons – death, change of address and by plain forgetfulness. Over the passage of time these are abandoned in accounts with no transactions or endorsements. Holding institutions in turn declare them unclaimed and pass on the account proceeds to the local state government.
State government of Minnesota provides simple to use and updated information on their online source for unclaimed property. As a potential claimant of Minnesota unclaimed property, you can benefit from the updated information and track if state owes you some property in the form of money and deposited funds. You could have forgotten about these minnow accounts and now the interest accumulation has made them substantial. Or it could have happened that you forgot to update the bank about your move to overseas and now after 10 or so years you are back to Minnesota.
It is one in 15 chances that state government of Minnesota might owe you a sum more than $100. And if you are wondering how do I find that? Access their website to check if your name appears in the list of unclaimed owners. Don’t worry if it does! It’s good news. You can download the claim form online and send it to the state officials with necessary documents to support your identity – driving license, social security copy or marriage certificate etc. And if you are a company or bank who is interested in filing for unclaimed property, download the forms from the holder report section and fill all requisite details about the owner – name, last known address, type of funds held, value and interest etc.
State government of Minnesota has notified twice as many potential owners than they did it in last fiscal. As a result they were able to disburse a sum of $15 million to the rightful owners.