| According to the KY State Treasurer, the | | | | |
| state is now holding more than $150 million | | | | Though there are dozens of different |
| in unclaimed property that belongs to the | | | | potential sources of lost money in Kentucky, |
| citizens. The only things standing between | | | | the State Treasury's website provides the |
| 200,000 people and their slice of the pie are | | | | following list of the most common types: |
| awareness of these forgotten assets, and the | | | | "dormant savings and checking accounts, |
| ability to locate and reclaim their Kentucky | | | | unclaimed wages, dividends, credit balances |
| unclaimed money. | | | | and any type of outstanding checks." |
| | | | |
| The Kentucky State Treasury boasts about how | | | | A common misconception is that you should |
| much money it has returned in the past 13 | | | | only search for unclaimed money in your home |
| years, "In 1994, the General Assembly | | | | state. This couldn't be more wrong, not only |
| transferred responsibility for the unclaimed | | | | because many people have lived in numerous |
| property fund to the Kentucky State Treasury. | | | | states throughout their life, but also |
| Since then, about $28 million has been | | | | because you don't have to have lived in or |
| returned to rightful owners." $28 million | | | | even been to a state that might owe you |
| sounds like a lot, but when you spread that | | | | money. Many people work for companies that |
| out over 13 years, they're only returning a | | | | have their headquarters in another state. If |
| little more than $2 million per year, on | | | | these companies owe someone money, but are |
| average. Much more than that is turned over | | | | unable to track them down, the cash is |
| to the state each year, so the $150 million | | | | supposed to be reported to the state where |
| the state currently holds will certainly | | | | the company is incorporated. |
| grow. Even if Kentucky was to stop taking | | | | |
| any more abandoned money today it would still | | | | In addition to searching the records of more |
| take them 75 years to return the $150 million | | | | than one state, people need search more than |
| currently being held, based on their current | | | | once, because unclaimed money lists are |
| rate of $2 million per year. | | | | sporadically updated. If a property hasn't |
| | | | been dormant long enough to be considered |
| It's not surprising that most people simply | | | | "unclaimed" by the state, the original holder |
| dismiss the idea of unclaimed funds as some | | | | won't have turned it over, which means the |
| sort of scam, because it's difficult to | | | | state will have no record of it. Often |
| believe that there are billions of dollars | | | | times, even after the state has received a |
| across the country that people simply forgot | | | | particular account, their system will still |
| about over the years. Who ever just | | | | not have a record of it for some time, |
| "forgets" that they have money somewhere? | | | | because someone who works in the appropriate |
| Well, apparently a lot of people. Not | | | | department must physically add the record to |
| surprisingly, the states (including Kentucky) | | | | the system. |
| lack the resources to track down every single | | | | |
| person who is owed missing money. Government | | | | With these issues, and dozens more, it's no |
| doesn't do much efficiently, why would | | | | wonder that residents have difficulty |
| returning money to the people be any | | | | locating their funds. As these surpluses of |
| different? Citizens of the Bluegrass State | | | | cash grow, so does the confusion about how to |
| need to take matters in to their own hands if | | | | find it, so it's more important than ever to |
| they ever want to discover the joys of found | | | | seek the assistance of an expert in this area |
| money. | | | | to help you in your search. |