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$58 BILLION UNCLAIMED: IS SOME OF IT YOURS?

by Melanie Hicken   @CNNMoney January 27, 2013: 4:47 PM ET

Unclaimed property comes from a variety of sources, including abandoned bank
accounts and stock holdings, unclaimed life insurance payouts and forgotten
pension benefits.



MILLIONS OF AMERICANS ARE MISSING OUT ON BILLIONS IN FORGOTTEN CASH.

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. The unclaimed property comes from a variety of sources,
including abandoned bank accounts and stock holdings, unclaimed life insurance
payouts and forgotten pension benefits.



Some people are owed serious cash. Last year, a Connecticut resident claimed
$32.8 million, proceeds from the sale of nearly 1.3 million shares of stock. The
recipient of the funds requested to remain anonymous and no further details were
provided.

More than $300 million in pension benefits is currently owed to some 38,000
people, according to the Pension Benefit Guaranty Corp. The unclaimed benefits
currently range from 12 cents to a whopping $704,621, with an average benefit of
$9,100. Benefits may go unclaimed because an employee is unaware they had
accrued retirement benefits at a previous employer, the agency said.

Gallery: $500,000 in diamonds, a can of sardines: See unusual unclaimed property



However, the majority of the forgotten funds -- roughly $41.7 billion -- are
held by the states, according to the National Association of Unclaimed Property
Administrators.

Under varying state laws, financial institutions and other companies are
required to turn over any funds considered "abandoned," including uncashed
paychecks, forgotten bank account balances, unclaimed refunds, insurance payouts
and contents of safe deposit boxes. They have found some pretty unusual items
like diamonds, bottles of liquor and sardines. Property is usually considered
abandoned after the holder of the account or property has had no activity or
contact with the owner for several years.

What are your financial goals in 2013?


The states then try to find the owner through websites, newspaper ads and booths
at events like state fairs. But every year, the vast majority of unclaimed funds
remain in state coffers, where the cash can be used to fund government
operations. Although the states are careful to note that the owner's claim to
the property will always remain valid.

"The money belongs to the owner in perpetuity. Even if the owner dies, then
their heirs could come back and claim it," said Carolyn Atkinson, West
Virginia's deputy treasurer for unclaimed property and a past president of
National Association of Unclaimed Property Administrators.

Florida's chief financial officer announced this month that the state had
received 61,271 new unclaimed property accounts worth more than $25 million as
part of a settlement with insurance company AIG (AIG). The settlement is one of
several reached last year with major insurers, including MetLife (MET),
Prudential (PRU) and Nationwide after regulators in 20 states audited the
methods they used to locate life insurance beneficiaries after a policyholder's
death.

Related: $800 million in lottery prizes go unclaimed

The state auditors found that many insurers would use the Social Security
Administration's Death Master File to cancel annuity payments to clients who
passed away, but not to start issuing payments to their beneficiaries. In some
cases, companies would continue collecting premium payments from the policy's
value for years after the insured's death, depleting the cash reserves down to
zero.

Through the settlements, those balances are being reinstated and remitted to the
states. But in many cases, beneficiaries remain unaware of their policy claim
and many of their current addresses are unknown, making it hard for the funds to
be connected with their rightful owner.

"Once it goes to the state, it's unlikely that the rightful owner will be
found," said Mark Paolillo, a Massachusetts-based accountant and Ryan LLC's
abandoned and unclaimed property practice leader.

Are you owed money? Here's where you can find out.



 * State-held unclaimed property: Visit NAUPA's unclaimed.org for a map with
   links to each state's program.
 * Life insurance: For benefits not held by the state, check the insurer's site
   directly. For example, MetLife has an online search.
 * Pensions: For Pension Benefit Guaranty Corp. benefits, visit the agency's
   online search directory.
 * U.S. savings bonds: More than 45 million matured savings bonds, worth nearly
   $16 billion, remain unredeemed, according to the U.S. Department of the
   Treasury. To search the database, visit treasuryhunt.gov.
 * Tax refunds: In 2011, the Internal Revenue Service said it had $153.3 million
   in tax refund checks that were undeliverable. To make sure you've received
   your checks, visit the IRS's Where's my refund? tool.
 * Overbid proceeds: If a foreclosed home or tax lien for delinquent taxes is
   sold at auction for a price above the money owed, the former property owner
   is owed the so-called "overbid proceeds," which are typically held at the
   county level. But, counties typically send notifications about the funds to
   the foreclosed address, so many people remain unaware of the extra cash,
   according to Mary Pitman, author of "The Little Book of Missing Money." These
   funds are different than other unclaimed funds in that the property owner's
   claim in some counties only last a few years. Contact the county clerk to
   find out which local agency holds the funds.



Did you discover you were the rightful owner of unclaimed property? Share your
story with melanie.hicken@turner.com for the chance to be featured in an
upcoming story.

CNNMoney (New York) First published January 24, 2013: 7:10 PM ET

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