(Part 1 of 2)
A recently released report by the Chattanooga Times announced that millions of dollars in GA lottery winnings go unclaimed in GA and Tennessee. Lottery officials say this is primarily due to people that buy lottery tickets while passing through and forget to check if they have won or not.
According to another recent article though, a bigger amount of Georgia unclaimed money is in the hands of the State Treasury Department. Hundreds of millions of dollars in forgotten funds are held by the state gov. and most people living in Georgia are not aware that it exists. An elderly resident of the state, Catherine Westbrook, was completely aware though and became frustrated when she tried getting a twelve hundred dollar check from a forgotten life insurance policy. "When I didn't get it for two or three weeks, then I called and they would say, 'No, the check wasn't written, hasn't been written' — that's all they would tell me.", said Westbrook who, after receiving the check five months later, adds: "I don't know why they take so long to write a check."
GA's Unclaimed Property Law or escheat law (which originates from feudal laws in Great Britain) states that forgotten and abandoned properties such as bank accounts, income tax refunds, uncashed checks, uncollected wages, insurance premium overpayments, gift certificates, cash dividends on stocks and mineral deposits, and others have to be turned over to the state after a certain 'dormancy period'. This period for GA is between 1 and 5 years for unclaimed financial assets. "Dormant funds are remitted to the State of Georgia. Demand deposit accounts are deemed to be dormant after 12 months and time and savings accounts are deemed to be dormant after a period of five years without activity", according to a statement issued by Georgia's State Treasury. In a press release from the GA Department of Revenue's Unclaimed Property Unit, "The time that must elapse for property to be determined "abandoned" and turned over to the state varies depending on the type of property. For example, unclaimed wages and company liquidation proceeds must be turned over to the state after one year. The vast majority of unclaimed property must be turned over to the state five years after the last contact with the rightful owner. Time frames for other types of property are: safe deposit box contents must be forwarded to the state two years after the box was opened by the holding financial institution; money orders seven years after the issue date; and traveler's checks 15 years from the issue date."
(to be continued)
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$32 billion in unclaimed money is floating around America
A Kansas City woman received an unclaimed $6.1 million check from Missouri on Wednesday. The money is from an unclaimed property fund consisting of a single security. There is over $32 billion in unclaimed money in the United States. read more
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(Part 2 of 2)
GA's Unclaimed Funds Law or escheat law (which originates from feudal laws in England) states that abandoned and forgotten assets such as income tax refunds, bank accounts, uncollected wages, cash dividends on stocks and mineral deposits, uncashed checks, gift certificates, insurance premium overpayments, and others have to be turned over to the state after a specified 'dormancy period'. This period for GA is 5 years and less for unclaimed financial assets. "Dormant funds are remitted to the State of Georgia. Demand deposit accounts are deemed to be dormant after 12 months and time and savings accounts are deemed to be dormant after a period of five years without activity", according to an official statement from Georgia's State Treasury. In a recent press release from the GA Department of Revenue's Unclaimed Funds Unit, "The time that must elapse for property to be determined "abandoned" and turned over to the state varies depending on the type of property. For example, unclaimed wages and company liquidation proceeds must be turned over to the state after one year. The vast majority of unclaimed property must be turned over to the state five years after the last contact with the rightful owner. Time frames for other types of property are: safe deposit box contents must be forwarded to the state two years after the box was opened by the holding financial institution; money orders seven years after the issue date; and traveler's checks 15 years from the issue date."
The GA Revenue Commissioner has since attempted to make some improvements with regards to the state department that deals with missing cash in GA, like getting rid of an old automated call center in favor of operators who can look up the status of claims right away. Tim Shields, a manager with the revenue department, "From the time the claim form comes in the door, if we have everything we need, within 8 to 10 weeks, that person's going to receive a check,".
Executive Editor of Consumer Reports, Greg Daugherty, said "When I entered my own information, I didn't find anything belonging to me, but I did find some money belonging to a great aunt of mine who has since died, and would have left it to me." Greg isn't alone, which is why enlisting the assistance of an unclaimed property expert is of the incredibly important.
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UNCLAIMED MONEY: Handle funds transparently
THE Petaling Jaya City Council has recently shown its transparency and done ratepayers a service by providing information of unclaimed money it had been holding since 1993.
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(Part 1 of 2)
A recently released report by the Chattanooga Times announced that millions of dollars in GA lottery winnings go unclaimed in GA and TN. Lottery officials say this is primarily caused by people that buy lottery tickets while they are passing through and forget to check if they have won or not.
According to another news report though, a larger amount of Georgia unclaimed money is being held by the State Treasury Department. Hundreds of millions of dollars in missing money are held by the state government and most residents are not aware that it exists. An elderly resident of the state, Catherine Westbrook, was very aware though and became frustrated when she tried getting a $1200 check from an old life insurance policy. "When I didn't get it for two or three weeks, then I called and they would say, 'No, the check wasn't written, hasn't been written' — that's all they would tell me.", said Westbrook who, after receiving her check five months later, adds: "I don't know why they take so long to write a check."
(to be continued)
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Could you have unclaimed money that you don't know about?
The Texas State Comptroller's Office is keeping tabs on billions of dollars in unclaimed property.
Lawmaker doesn't want TSA to pocket change left at checkpoints
One lawmaker has his sights on the
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(Part 2 of 2)
The Georgia Revenue Commissioner has recently attempted to make some improvements with regards to the state department that handles missing cash in Georgia, like replacing an old automated call center system with operators who can look up the status of claims immediately. According to Tim Shields, a manager with the revenue department, "From the time the claim form comes in the door, if we have everything we need, within 8 to 10 weeks, that person's going to receive a check,".
Executive Editor of Consumer Reports, Greg Daugherty, said "When I entered my own information, I didn't find anything belonging to me, but I did find some money belonging to a great aunt of mine who has since died, and would have left it to me." Greg is not alone, and that is why enlisting the help of an unclaimed money expert is of the extremely important.
–
IMPORTANT: Bing News RSS feed has moved!
Go to the
(Part 1 of 2)
A recently released report in the Chattanooga Times stated that millions of dollars in Georgia lottery winnings go unclaimed in Georgia and TN. Officials from the lottery say this is largely caused by people that purchase lottery tickets while they are driving through and forget to see if they have won or not.
According to another news article though, a bigger amount of Georgia unclaimed money is being held by the State Treasurer's Department. Hundreds of millions of dollars in abandoned assets are held by the state government and most people living in Georgia are unaware of its existence. An elderly resident of the state, Catherine Westbrook, was completely aware though and became frustrated when she attempted to get a $1200 check from a forgotten life insurance policy. "When I didn't get it for two or three weeks, then I called and they would say, 'No, the check wasn't written, hasn't been written' — that's all they would tell me.", stated Westbrook who, after getting the check 5 months later, adds: "I don't know why they take so long to write a check."
Georgia's Unclaimed Property Law or escheat law (which originates from feudal laws in England) states that forgotten and abandoned properties such as income tax refunds, bank accounts, uncollected wages, cash dividends on stocks and mineral deposits, uncashed checks, gift certificates, insurance premium overpayments, and others have to be handed over to the state after a specified 'dormancy period'. This period for Georgia is 5 years and less for unclaimed financial assets. "Dormant funds are remitted to the State of Georgia. Demand deposit accounts are deemed to be dormant after 12 months and time and savings accounts are deemed to be dormant after a period of five years without activity", according to a statement from Georgia's State Treasurer's. In a press release from the Georgia Department of Revenue's Unclaimed Property Unit, "The time that must elapse for property to be determined "abandoned" and turned over to the state varies depending on the type of property. For example, unclaimed wages and company liquidation proceeds must be turned over to the state after one year. The vast majority of unclaimed property must be turned over to the state five years after the last contact with the rightful owner. Time frames for other types of property are: safe deposit box contents must be forwarded to the state two years after the box was opened by the holding financial institution; money orders seven years after the issue date; and traveler's checks 15 years from the issue date."
(to be continued)
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Alberta program returns missing
Dozens of Albertans are enjoying a little more cash this holiday season, thanks to a little-known provincial program that reunites people with
Unclaimed money in Bryan County
Bryan residents who have unclaimed money or safe deposit box can find out in the newest database available through bryancountynow.com. The Georgia Department of Revenue has provided the names of those people who have unclaimed funds.
Unclaimed money: Woman gets record $6.1 million
Unclaimed money goes to anonymous Kansas City woman for a lost security. The sum is the single largest return of unclaimed money in Missouri's history.
$32 billion in unclaimed money is floating around America
A Kansas City woman received an unclaimed $6.1 million check from Missouri on Wednesday. The money is from an unclaimed property fund consisting of a single security. There is over $32 billion in unclaimed money in the United States. read more
(Part 2 of 2)
Georgia's Unclaimed Funds Law or escheat law (which originates from feudal laws in Great Britain) states that abandoned and forgotten assets such as bank accounts, income tax refunds, uncashed checks, uncollected wages, insurance premium overpayments, gift certificates, cash dividends on stocks and mineral deposits, and others have to be turned over to the state after a certain 'dormancy period'. This period for Georgia is between 1 and 5 years for unclaimed financial assets. "Dormant funds are remitted to the State of Georgia. Demand deposit accounts are deemed to be dormant after 12 months and time and savings accounts are deemed to be dormant after a period of five years without activity", according to a statement issued by Georgia's State Treasury. In a press release from the Georgia Dept. of Revenue's Unclaimed Funds Unit, "The time that must elapse for property to be determined "abandoned" and turned over to the state varies depending on the type of property. For example, unclaimed wages and company liquidation proceeds must be turned over to the state after one year. The vast majority of unclaimed property must be turned over to the state five years after the last contact with the rightful owner. Time frames for other types of property are: safe deposit box contents must be forwarded to the state two years after the box was opened by the holding financial institution; money orders seven years after the issue date; and traveler's checks 15 years from the issue date."
The Georgia Revenue Commissioner has since attempted to make some improvements in the way that the state department that deals with missing cash in Georgia, like getting rid of an old automated call center in favor of operators who can check the status of claims right away. Tim Shields, a manager with the revenue department, "From the time the claim form comes in the door, if we have everything we need, within 8 to 10 weeks, that person's going to receive a check,".
Greg Daugherty, Executive Editor of Consumer Reports, said "When I entered my own information, I didn't find anything belonging to me, but I did find some money belonging to a great aunt of mine who has since died, and would have left it to me." Greg isn't alone, which is why enlisting the help of an unclaimed money expert is of the incredibly important.
–
Thunder Bay Police say they followed all the rules when they wound up with $30,000. The
When I typed the word "school" into one of the free
$32 billion in unclaimed money is floating around America
A Kansas City woman received an unclaimed $6.1 million check from Missouri on Wednesday. The money is from an unclaimed property fund consisting of a single security. There is over $32 billion in unclaimed money in the United States. read more
KC Woman Gets $6.1M In
A Kansas City woman has claimed $6.1 million that had been held in Missouri's
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