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WFMD: Md Comptroller’s Office Reaches Milestone In Unclaimed Property Program
July 9, 2019
Md Comptroller’s Office Reaches Milestone In Unclaimed Property Program
July 9, 2019 - 8:01 pm
It has paid out total claims of more than $1-billion.
Annapolis, Md (KM) A major initiative by a state agency has paid off for many citizens. The Maryland Comptroller’s Office says since it’s beginnings in 1966, the Unclaimed Property Program has paid out more than $1-billion in unclaimed property to citizens.
Comptroller Peter Franchot says when the program began more than 50 years ago, the state paid out 12 claims with a value of $711.48. “Now we’re returning $60-million annually to over 70,000 Marylanders,” he says.
Franchot attributes a lot of success to the hard work of his staff, and the fact that his office makes returning unclaimed property to their owners a top priority.
The Comptroller’s Office says it has a total of 1.3-million unclaimed property accounts which total $1.6-billion.
Unclaimed property include abandoned bank accounts, forgotten insurance claims and the contents of safe deposit boxes. Banks and other companies holding these products can’t find the owners. . “The companies have to turn it over to us. They can’t just put the money in their back pocket,” says Franchot.
Each year the Comptroller’s Office conducts an outreach campaign to get citizens to look over its list of more than 1-million accounts to see if they can find their name, or the name of a family member or friends. :”If that person is relative whose deceased and you are an heir, you can claim that money. If it’s a friend or a neighbor or someone you work with in business, you can contact them if they’re on the list. They can call us or e-mail us,” says Franchot.
He says go to the Comptroller’s website for more information at www.marylandtaxes.gov, and click on the icon.
The Comptroller’s Office will also have booth at the Great Frederick Fair, 797 East Patrick Street, from September 13th through the 21st to help residents locate any unclaimed property