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Maryland Comptroller Sending Millions to Residents
August 05, 2008 - The Maryland comptroller's office is sending millions of dollars to residents but is encountering some unexpected suspicion.
Every year, the Maryland comptroller's office receives tens of millions of dollars in unclaimed property. If a safe deposit box, bank account or other financial account has no activity for three years, financial institutions turn the contents over to the state. For years, the state has tried to reunite owners with their property through methods including newspaper ads. But this year, the comptroller's office is matching unclaimed property against tax records and sending checks to residents. Administering the program costs the state about $3.5 million annually, but Maryland Comptroller Peter Franchot says the program is worth the cost.
Gene Kuleta reports...
