Casull Financial Advisory - RIA (Registered Investment Advisor) Member of Finra & SIPC
Forgotten Money, Unclaimed money and property in Utah Wednesday Dec 10 2014
Have you reached into a pocket of clothing you hadn't worn in a long time and found "that $20" you forgot all about? What a rush! Or maybe you had a Grandfather that opened various savings accounts, but didn't list them any where, and didn't leave a will. Do you happen to know what happens to that money? Does the bank or brokerage firm get to keep it after a certain amount of time? NO! That money gets domiciled in a State account where the State gets to keep the interest it earns, but holds the money to either be claimed by the original owner, or their heirs. All that you need to claim the money is identification, and a couple of easy forms.
Valeri's Husband died a few years ago. He was a Pharmacist with a few stores. Each month those stores would receive payments and reimbursements from various insurance companies. Well as it turns out, her husband's death didn't close the spigot of payments being sent to the now defunct enterprise. They just found their way to the State's unclaimed property division. So far the total is in the THOUSANDS of dollars!
I have included a link to the State Unclaimed Property website where anyone can just type in their name and see if they have unclaimed property. Guess what? I had $3.78 held from interest at a credit union account that I closed after college.
From June 2013 to July 2014 over $15MILLION were paid out. And there are many more millions held in that account!