(Part 1 of 2)

As the littlest state in the country, Rhode Island is justifiably known as "Little Rhody", but there is nothing small about the amount of Rhode Island unclaimed money currently currently sitting in the Rhode Island Office of the General Treasurer. According to the office's website, the state now holds in excess of 124 million dollars of the peoples' money, and the only thing preventing people from taking back their money is knowledge and the ability to properly search.

It is understandable that people have difficulty accepting the reality of unclaimed money because no one expects they will get free money. But "free" isn't really the proper term to describe these forgotten funds, because they technically already belong to the people who can claim them (except in situations where they come from a relative who passed away). So people who shrug off this potential windfall as some sort of scam are doing themselves a great disservice by not recognizing exactly where these monies come from.

According to the Office of the General Treasurer's website, the following are some of the most common forms of unclaimed properties in Rhode Island: stocks and dividends, bank accounts, refunds, wages, account receivable credits and payables, insurance payments, safe deposit boxes, credit memos, gift certificates. There are quite a few other types, but those listed are the most common, and each kind is deemed "unclaimed" or abandoned after a particular number of years of seeing no activity. Once this dormancy period has passed, the holders have to to hand them over to the state for safe keeping until the true owner makes a claim on them. The state never actually takes possession of them, which means there is not a time limit to claim missing money.

(to be continued)

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