(Part 2 of 2)

GA's Unclaimed Funds Law or escheat law (which originates from feudal laws in England) states that forgotten and abandoned 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 are required to be handed over to the state after a specified '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 from Georgia's State Treasurer's. In a press release from the GA Department of Revenue's Unclaimed Money 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 tried to make some improvements in how 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 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 is not alone, and that is why enlisting the assistance of an unclaimed money expert is of the incredibly important.

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