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SALT LAKE CITY -- Sweeter than honey, many Utahns may be just a mouse click away from learning whether the Beehive State has missing money or unclaimed property in their names.
In his Unclaimed Property Division, Utah State Treasurer Richard K. Ellis currently holds unclaimed items and property valued at more than $356 million.
Between record unemployment, an increasing use of food stamps, emergency cash assistance and government subsidies, Americans are turning to the Internet in search of missing money and unclaimed property. With more than $33 billion in unclaimed property nationwide, the search terms “missing money” and “unclaimed property" rose significantly on Google, Yahoo, Bing and AOL.
In his Unclaimed Property Division, Utah State Treasurer Richard K. Ellis currently holds unclaimed items and property valued at more than $356 million.
Google's search index ranks "missing money" at a relative popularity of 40. For comparison, ultrapopular teen heartthrob Justin Bieber, who this year topped Kim Kardashian's most-searched-person status on Bing, owns a Google rank popularity status just 17 points higher, at 57.
Even social networking sites like Facebook, Twitter, YouTube and MySpace have pages on how to locate missing money.
Since the program’s inception in 1957, the division has reunited owners or heirs of deceased owners with unclaimed money, items, and property held in Utah. Since 1984, approximately $117 million has been returned to owners or their heirs.
Having hosted 93,000 visitors on their website with over 5.2 million distinct page views, the Unclaimed Property Division processed and returned more than $11.2 million in claims during fiscal year 2010, according to stats the division submitted to Deseret Media Companies. In the quarter ending Sept. 30, the division processed $2,005,568.36 in claims.
The Unclaimed Property Division processed and returned more than $11.2 million in claims during fiscal year 2010.
Now holding more than $356 million among approximately two million claimable accounts, the division has unclaimed property that originates from dormant accounts in financial institutions, insurance and utility companies, securities and trust holdings. Unclaimed property also includes tangible items such as watches, jewelry, coins, currency, stamps, historical items and other articles from abandoned safe deposit boxes.
According to the division's website, the following are common sources of missing money: "checking accounts, certificates of deposit, overpayments, gift certificates, paid-up life insurance policies, unpaid wages, commissions, uncashed checks, death benefits, dividends, insurance payments, money orders, refunds, savings accounts, stocks and contents of safe deposit boxes".
“In these tough economic times, Utahns should account for every penny," Ellis told Deseret Media Companies as reminder for Utahns to visit the division's website. “I encourage all Utahns to visit our web site at www.mine.utah.gov. With nearly two million unclaimed items, chances are good we are holding cash or property for you, your business, or someone you know.”
Utah is one of 40 states that participates in a program endorsed by the National Association of Unclaimed Property Administrators, an organization that proactively seeks owners of missing money and unclaimed property. By visiting MissingMoney.com or Unclaimed.org people can determine whether missing money or unclaimed property is being held in their name.
When searching, people should be sure to check each state in which they have resided and under each name they have used. Be sure to include spelling variations as accounts sometimes contain different spellings or typographical errors. Also search for deceased relatives as heirs are often surprised to learn something has been left behind by the departed.
We are in the process of adding social media to our locating and outreach efforts to reunite even more owners with their lost or unclaimed property.
–- Dennis Johnston, administrator, Unclaimed Property Division
“We are in the process of adding social media to our locating and outreach efforts to reunite even more owners with their lost or unclaimed property,” said Dennis Johnston, administrator for Unclaimed Property Division. “I’ve already seen good results from using that approach and intend to do more in an automated fashion in the future.”
If a match is found, an online claims form must be completed, printed, and mailed with supporting documentation for processing. Although there is no statute of limitations on making a claim, the Unclaimed Property Division does not pay interest on accounts.
“Fee Finders” will often call individuals and let them know money or property is available in their name; A fee finder will offer to process a claim on their behalf but it's wise to politely decline and search the Unclaimed Property Division registry for oneself. Most states, including Utah, do not charge a fee to recover unclaimed property. There is no reason to pay for something one can do their self for the price of a postage stamp.
The Unclaimed Property Division recently reported two scams that were being emailed to Utahns. The first message claims to be from a Jeff Smith, in his capacity as Director of the National Association of Unclaimed Property Administrators. In his email, Smith wrote that an abandoned shipment was recovered at Hartsfield International Airport containing cash in the amount of $2.8 million bearing the email address and name attached as beneficiary or next of kin.
Similar to the first, and in response to an email requesting more information about the abandoned shipment, the second message is to the attention of a Kristian Kent Collier. In it, Collier is requested to contact attorney John Duncan Brown in the United Kingdom about these funds.
These scams are nothing more than fraudulent phishing schemes and should be ignored.
William E. Lewis Jr. is a business consultant and host of “The Credit Report with Bill Lewis” a daily forum for business and financial news, politics, economic trends, and cutting edge issues on AM 740 WSBR in South Florida.
