Two Tales of Unclaimed Funds
I was reading another thread which mentioned unclaimed funds, and I would like to encourage everyone to be sure to check your state's site every now and then. You never know what you might find.
A few weeks ago another site I visit mentioned this. I went to our state's site and started typing in family members' names. My mom is remarried, and I entered both of her married names. Unbelievably, I found an entry under her name when she was married to my dad and the address we lived at when I was a little girl about 45 years ago. The amount was almost $700. The story doesn't stop there though. The unclaimed funds were from Prudential insurance's demutualization which happened about five years ago. I thought if she was due money under that name and address, she must have an insurance policy under that name and address as well. We called Prudential to inquire, and YES she does! She couldn't believe it! I think she might have not paid premiums and thought the policy was gone. It is actually still active and has cash value. She didn't even remember it. She is now in the process of updating her information with them and making a claim for those unclaimed funds. This is amazing to us since she is 80 now, and if she were to have died, we would never have known about this policy!
This experience reminded me how we all need to keep track of stuff like this. I used to work as an auditor in the corporate headquarters of a large bank in Cleveland. One of my duties was to go through printouts of old accounts and send out letters to the last known address of the customers advising them of their dormant account balances. If not claimed or a transaction done on the account in a specific time frame, the money went to the state. My most memorable one was an 80+ year old woman who had $82,000 in a checking account that didn't even earn interest! She never claimed it, and it went to the state with all the other unclaimed funds.