Maine Unclaimed Money Exceeds $131 Million

Maine, the Pine Tree State, has more to offer than the terrifyingly frigged winters in the northeastern most part of the United States is famous for. As of June 2007, the Office of the State Treasurer was holding more than $131 million in Maine unclaimed money, spread out over more than 540,000 accounts. That's a lot of clams, or lobsters in this case.

Abandoned property is considered "unclaimed" after it sits dormant for a specific period of time. Each state has its own dormancy periods for each type of asset. In Maine, dormancy periods range from 1 year to 15 years, depending on the account type, but most ME dormancy periods are 3 years. State law requires that assets be turned over to the state for safe keeping after the appropriate dormancy period is reached. At this point, the state treasurer is in charge of adding the record to their system, making it available for the rightful owner to find and claim it.

Though hard to believe, across the country there really are tens of billions in unclaimed funds, waiting to be tracked down by the rightful owners. Missing money is often dismissed as a scam or myth because people simply can't accept that people could really just forget about or abandon that much money. All people need to do is contact their state treasurer to confirm that these monies are real.

One reason that unclaimed assets totals continue to grow in all states is because the states are notoriously inefficient when it comes to returning these properties to the citizens. Many states have stepped up efforts to put money back in the pockets of the people it belongs to, yet the amount turned over to the state each year continues to vastly outpace the amount given back to the people.

Aside from the fact that most people still aren't aware of the joys of claiming forgotten money, those that are generally don't have a clue how to search. Every unclaimed money site is different and only a few are actually legitimate and maintain accurate records. Even state records are notoriously inaccurate because they are not updated in real time. While accounts are turned over to the state all the time, there will be no searchable record until someone physically adds the record to the system. On top of that, as noted, there are so many different dormancy periods that assets are constantly being turned over, so Maine's records are constantly being updated.

The first rule in searching for lost cash is to search frequently or one can never be confident in the thoroughness of their search. But unreliable records are only the beginning of the hurdles that often get in the way of regular people just starting out on their search for lost assets.

Learning tips from experts in locating unclaimed money can jumpstart your search and help reunite you with your money quicker than the average, uninformed citizen starting out without any guidance. People truly hoping to explore all possible claims would be wise to educate themselves before beginning the process of tracking down lost money.

Unclaimed money and property expert Russ Johnson has been assisting Americans in finding their unclaimed money online since 1997. His site, http://www.unclaimedmoney.net, is updated regularly and offers guaranteed official searches for Maine unclaimed money and missing money across the country.

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North Carolina Unclaimed Money Reaches $700 Million

As more NC unclaimed money continues to be turned over to the state, than
returned to it's rightful owners, the state's missing money treasure chest has
swelled to a record $700 million! These unclaimed funds already belong to
regular people whose only obstacle is learning to properly search for and locate
all possible claims.

According to the North Carolina Department of the Treasurer, there are over
100 types of property that may become unclaimed after being dormant for 1-5
years (depending on the type of property). Of those 100 types, NC lists
"bank accounts, wages, utility deposits, insurance policy proceeds, stocks,
bonds, and contents of safe deposit boxes that have been abandoned" as
some of the most common.

As with unclaimed property across the country, the biggest obstacle in
discovering North Carolina unclaimed money, is often the peoples' searching
capabilities. For starters, very few people are even aware of these abandoned
funds (or they'd obviously have never forgotten them), and those that are
aware, simply haven't been taught the proper way to search.

With nearly 1.5 million properties being held by the state, the chances of being
owed money are better than ever. Every Tar Heel out there should rush out
there and begin their search. But those who aren't educated on finding
unclaimed assets could be in for a lot of frustration and wasted time, unless they
learn how NOT to search.

Most people seeking to reclaim their lost money think that if they can find a
website to input their name and click a "search" button, they've done all they
need to do. This couldn't be further from the truth. For starters, not all
databases are legitimate, and those that are can only be considered as good as
who updates them.

Suppose a person searches their name on Friday, but a state employee hasn't
actually added a record in that person's name until Saturday. The search would
obviously be unsuccessful, even though the person was owed money.
Unclaimed money lists aren't updated in real time, so searching frequently is one
of the best methods to implement if you would like to be confident in the results
of your search.

Out of date records aren't always the fault of the state. If the asset simply
hasn't been dormant long enough to be considered unclaimed, then it won't
have been turned over to the state. Strict laws dictate how found money is
handled in each state, so you won't issues like a bank turning over a bank
account after 6 months, simply because you hadn't accessed it. So again, a
lack of a record doesn't mean you aren't due a claim, and you should check
again regularly.

As was mentioned, there are differing "dormancy periods" for each type of
property, which commonly range from 1-5 years. This means that after periods
of inactivity exceed those dormancy periods, the companies who hold these
properties are required to turn them over to the state if they are unable to find
the rightful owner on their own. At this point, the state will act as a custodian,
essentially a "holder" until you claim your money.

There are countless problems, in addition to the examples of search issues
mentioned above that often befall new searchers, which makes it all the more
important that the people of North Carolina allow an unclaimed money expert
to provide them with a step-by-step guide for navigating the lost assets maze.

Unclaimed money and property expert Russ Johnson has been assisting Americans in finding their unclaimed money online since 1997. His site is http://www.unclaimedmoney.net which is updated regularly and offers guaranteed official searches for North Carolina unclaimed money and missing money across the country.

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