North Carolina Unclaimed Money Reaches $700 Million

As more NC unclaimed money continues to be turned over to the state, than returned to it's rightful owners, the state's missing money treasure chest has swelled to a record $700 million! These unclaimed funds already belong to regular people whose only obstacle is learning to properly search for and locate all possible claims.

According to the North Carolina Department of the Treasurer, there are over 100 types of property that may become unclaimed after being dormant for 1-5 years (depending on the type of property). Of those 100 types, NC lists "bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that have been abandoned" as some of the most common.

As with unclaimed property across the country, the biggest obstacle in discovering North Carolina unclaimed money, is often the peoples' searching capabilities. For starters, very few people are even aware of these abandoned funds (or they'd obviously have never forgotten them), and those that are aware, simply haven't been taught the proper way to search.

With nearly 1.5 million properties being held by the state, the chances of being owed money are better than ever. Every Tar Heel out there should rush out there and begin their search. But those who aren't educated on finding unclaimed assets could be in for a lot of frustration and wasted time, unless they learn how NOT to search.

Most people seeking to reclaim their lost money think that if they can find a website to input their name and click a "search" button, they've done all they need to do. This couldn't be further from the truth. For starters, not all databases are legitimate, and those that are can only be considered as good as who updates them.

Suppose a person searches their name on Friday, but a state employee hasn't actually added a record in that person's name until Saturday. The search would obviously be unsuccessful, even though the person was owed money. Unclaimed money lists aren't updated in real time, so searching frequently is one of the best methods to implement if you would like to be confident in the results of your search.

Out of date records aren't always the fault of the state. If the asset simply hasn't been dormant long enough to be considered unclaimed, then it won't have been turned over to the state. Strict laws dictate how found money is handled in each state, so you won't issues like a bank turning over a bank account after 6 months, simply because you hadn't accessed it. So again, a lack of a record doesn't mean you aren't due a claim, and you should check again regularly.

As was mentioned, there are differing "dormancy periods" for each type of property, which commonly range from 1-5 years. This means that after periods of inactivity exceed those dormancy periods, the companies who hold these properties are required to turn them over to the state if they are unable to find the rightful owner on their own. At this point, the state will act as a custodian, essentially a "holder" until you claim your money.

There are countless problems, in addition to the examples of search issues mentioned above that often befall new searchers, which makes it all the more important that the people of North Carolina allow an unclaimed money expert to provide them with a step-by-step guide for navigating the lost assets maze.