January 18, 2012
Locate RI Unclaimed Money – Part 2 of 2
(Part 2 of 2)
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 found to be "unclaimed" or abandoned after a certain number of years of seeing no activity. Once this dormancy period has passed, the holders are required to hand them over to the state for safe keeping until the true owner makes a claim on them. The state will never actually take possession of them, so there is no time limit to claim lost assets.
Even after hearing about the process by which funds become unclaimed, it's still tough to wrap our brains around the fact that there really are hundreds of millions owed to Rhode Island residents, and tens of billions across the nation. It is tough to accept that people have somehow just forgotten about these properties, but the fact is they have. In fact it has been estimated that in the United States 7 in 10 people are owed money. The trouble is knowing how to find and claim our money.
More often than not, people stand in their own way of locating their unclaimed money by doing things like searching the wrong websites and searching only one time. Not all unclaimed money websites are the same. Many do not have any actual lost assets records, and even those that do often have mostly old data. Even official state records are often not accurate due to the fact that they are not updated in real time. Given that assets are handed over constantly, and each type has its own dormancy period, a listing for a given person's name may not be added to the database until the day, week or month after they searched, leaving them with the false conclusion that they aren't owed money.
Although in recent years Rhode Island has increased attempts to give back missing money to the true owners, more money continues to come in than is given back to the owners, so the total will continue to grow, giving each citizen a better chance of finding a claim. The state simply does not have the capability to efficiently locate everyone who has money coming to them so the best thing people from Rhode Island can do is to learn how to search like pro finders do, and then use those tactics to maximize their search potential.
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