As state budget deficits continue to grow so does the topic of unclaimed property. Today, more and more businesses and financial institutions are reporting large amounts in abandoned property, much of which will eventually go to the state treasury instead of its rightful owner.
Here at Keane Unclaimed Property, our main objective is to provide corporate compliance and risk management solutions to corporations, mutual funds and financial institutions. However, we’re also dedicated to helping consumers who are the customers, shareholders and employees of those firms.
In a recent Kansas City Star article titled “States Have Millions in Unclaimed Property”, Debbie Zumoff, Vice President and Chief Compliance Officer at Keane Unclaimed Property, mentions that “consumers need to understand the importance of demonstrating activity in their accounts.”
According to the National Association of Unclaimed Property Administrators,
nearly $33 billion in unclaimed property is being held in 117 million accounts nationwide and that includes over $200 million in Kansas and $600 million in Missouri. For consumers living in these states, this money comes in the form of bank accounts, stocks and bonds, uncashed checks, life insurance policies, and gold coins and security box contents. The typical dormancy period on these accounts is usually 3 to 5 years and after that period of time, money becomes subject to the state.
However, by keeping a record and staying active on all accounts, consumers can significantly decrease the chances that their money becomes escheated to the state. Even more so, if consumers can make unclaimed property a regular on their financial to do list, they may have an even better chance of holding onto their property.
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