Posts Tagged ‘Delaware unclaimed funds’


The Delaware Division of Revenue collects dormant and abandoned assets throughout the state each spring. Last year, it collected $370 million worth of these, making the Delaware unclaimed money pile even bigger. The DE unclaimed funds come from unspent gift cards, dormant bank accounts, abandoned safe deposit bank contents, stocks, insurance benefits and similar assets.

The National Unclaimed Property Law require businesses and financial institutions to report and hand these ‘lost assets’ to the state after a specified dormancy period of usually 5 years. Delaware, along with South Carolina and Louisiana have shortened this to just 3 years recently however. Bad news for owners of family heirlooms and mementos in forgotten safe deposit boxes, as these are auctioned-off by the State and the proceeds put into the DE unclaimed money fund. With the period of dormancy shortened to 3 years, it’s quite possible for some people to be going about their daily business- thinking their savings accounts and valuables are safely tucked-away, when in reality it’s been handed over the the Division of Revenue as Delaware unclaimed property.

There’s even more bad news- something that might make residents search for Delaware unclaimed money and property ASAP. A news report released early this year tells of a New Jersey woman that pleaded guilty to being part of a Delaware escheat theft ring that stole over a million dollars from the Delaware unclaimed property fund in the Department of Revenue! Chandrea Sanassie, a New Jersey native, was part of a 5-person team of swindlers led by Anthony Lofink (a state official’s son) that swindled unclaimed stocks from the government. Sanassie used her share of the money to pay for cosmetic surgery, expensive clothes and jewelry, luxury cars and and started-up capital for a tanning salon. What would you do with extra cash? Do an unclaimed money search now and see if you’ve lost money you don’t know about.