“More than $988 million in unclaimed property is waiting to be returned to Missouri residents” … Did you ever wonder how states get all this unclaimed money to begin with? States have laws requiring companies to hand over unclaimed property (uncashed checks, unused credits, etc…) to the state of the last known address of the rightful owner of the property. States also require companies to send out letters to the owners, to try and track them down before sending the money to the state. It can get a little complicated because the laws vary by property type and by state. There are over 160 different property types. Such as uncashed checks, unused gift cards, even royalty payments from oil wells have a classification. Remember that $14 rebate check you never cashed from your power company 6 years ago? That’s probably in your state’s unclaimed property coffers by now. CNN reported a few years ago that “Currently, states, federal agencies and other organizations collectively hold more than $58 billion in unclaimed cash and benefits. That’s roughly $186 for every U.S. resident.”
Is your company reporting unclaimed property to the states? Let us help you stay in compliance with state unclaimed property laws and avoid late fees and penalties. Prefer to do it all yourself? Awesome! UPNavigator makes it easy, let us show you how! Contact us for a demo.
From the article at: http://www.emissourian.com/treasurer-publishing-names-of-unclaimed-property-owners/article_0955c4ac-222e-54be-bd00-89a2126286a7.html
“More than $988 million in unclaimed property is waiting to be returned to Missouri residents. State Treasurer Eric Schmitt announced the start of an annual effort to return unclaimed property to Missourians by publishing the names of owners in Missouri newspapers. Starting June 16, the names of more than 145,000 individuals, families, small businesses, and nonprofits with unclaimed property will be printed in more than 100 publications across the state.”