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I know it sounds hard to believe and in today’s economy it is difficult to fathom that people put billions of dollars in banks and other institutions and then forget that they put it there. But it is true, they do. I know you and I would have a hard time doing that. But our financial condition is most likely different from many of these who do theirs. But again, the truth is that it happens all the time. Your goal as a finder is to contact the owners of this unclaimed money and collect a fee for your services. There are other finders doing just that and are making a hefty profit every year.
I’m going to intervene here and make this statement. It takes work to reap the rewards this opportunity offers. It is not difficult work but it is work. Efforts in the form or research, phone calls, sending letters and follow up are essential.
All fifty United States and its territories have some form of unclaimed property office that has the sole responsibility of collecting and returning unclaimed money back to its rightful owner. In many cases the unclaimed property office is a division of the states treasury department. Every state has different laws and policies regarding the handling of unclaimed money.
Let take a look at how the process of how money and other property is left unclaimed. A person, due to neglect, forgetfulness or death will leave behind money in a bank, with a landlord, with a utility company, a retail store, or other institutions that require funds be placed on deposit. These institution, whether it be a bank, insurance company, business (retirement fund), government office, or even a security company, after the money has gone unclaimed for a specific period of time must report unclaimed money to the state. If the unclaimed money is not claimed by the owner in a specified period of time (the amount of time varies from state to state; in California it is five to seven years, depending on the institution), this money must be turned over to the state treasury department.
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