February 2, 2012
Locate Unclaimed Money in UT – Part 1 of 2
(Part 1 of 2)
Utah may be called the Beehive State, but the Utah State Treasurer's Office is holding a treasure that's sweeter than any honey. Each year millions of dollars in forgotten funds are handed over to the state treasury department in the form of Utah unclaimed money. As of 2005, the state treasury was holding more than $100 million, waiting for the true owners to step forward and take back what is owed to them.
Though it's difficult for most people to accept that this money is really out there, because it's seems impossible that people could simple "forget" about such massive sums of money, but in fact unclaimed property comes from assets and accounts most of us have and use on a regular basis. Though there are a lot of different types, the Utah State Treasurer's site lists the following as the most common types of lost money: certificates of deposit, checking accounts, gift certificates, overpayments, unpaid wages, paid-up life insurance policies, uncashed checks, commissions, dividends, death benefits, money orders, insurance payments, stocks, savings accounts, refunds and contents of safe deposit boxes.
While locating missing money can be easy for those that know what they're doing, there a lot of obstacles that can and often do get in the way of people trying to find their money. Most of these issues relate to being uninformed about how to perform complete searches to be sure all possible claims have been discovered. When getting started, it's often easy to fall in to the trap of just searching one time and accepting the search results as the final answer in our quest. The second biggest mistake is thinking that all search websites are alike.
(to be continued)
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