Posts Tagged ‘vermont unclaimed funds’

Due to aggressive State efforts in reuniting VT residents with state unclaimed funds, the number of claims for lost financial assets in the Vermont Unclaimed Property Division are up 66% from last year. Almost 10,000 Vt residents got back $4 million from safe-deposit box contents, forgotten bank accounts, unclaimed insurance benefits, utility checks, unclaimed tax refunds and similar assets. According to the State Treasurer Jeb Spaulding in an interview on Vermont unclaimed money: “Unclaimed property refers to accounts in financial institutions, companies, non-profits, even state governments that are some kind of financially related property, whether it’s a tax rebate or a savings account or travelers checks, or gift certificates, insurance policies. And when the institution, whether it’s a private or public entity, loses contact with the person whose property it is, for a certain number of years, usually it’s three or five years, they turn it over to the state to try to find the rightful owners. Every state has an unclaimed property office, and there are some easy ways for people to search and find out whether a particular state has something for them.”

Vermont’s unclaimed property law require businesses, insurance companies and financial institutions to hand these lost assets over to the Treasurer’s Office and although there is a record number of unclaimed property claims the past fiscal year, there’s still around $45 million Vermont unclaimed money waiting for its owners that number to almost 300,000 to come and file for their share.

The VT State Treasurer‘s office collected around $6.4 million worth of Vermont unclaimed property from July 1 of last year to May 1, 2008. The financial entities holding-on to these unclaimed assets are required to make efforts to contact and inform owners about their missing money before handing them over to the state after 3 years.

The average claim for unclaimed money in Vermont is $431 and current and former residents of the New England state are urged to check and do an unclaimed money search to see if they have Vermont unclaimed money in their name. They might be one of those owed considerable amounts like the retired Burlington teacher who was found to have $150,000 in her name from old stocks her husband had invested in way back in the 60’s.  “Even if people checked our Web site or newspaper insert last year, they could well in there this year and they need to check again,” Treasurer Spaulding says.

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