Unclaimed money returned in the last fiscal year (2019) set a new record for the state of Maine according to State Treasurer Henry E.M. Beck. In this period, the state returned $17 million in unclaimed funds to over 30,000 current and former Maine residents. That is an average of nearly $600 per claim! These totals bested the previous fiscal year of 2018 by over 1,000 claims.
Currently Maine has over $261 million in unclaimed money and unclaimed property waiting to be claimed. According to a report, Beck is ensuring all residents that his office is open for business and processing claims:
“During this difficult time in our state, it’s great to know we have been able to continue to return money to Mainers who rely on these payments to live each day,” Beck said in a prepared statement. “Our office has remained fully functional throughout the pandemic and will continue to seek out and return property to rightful owners.”
The state of Maine offers a free searchable database. Results include a claim ID which can be used to check the status of a claim which can take several weeks to process. The results also contain the name the claim is under as well as the company or organization that reported it. The exact amount of the claim is not listed, however the results do indicate a range of the amount including over $25, $50, $100, $500, and $1000. For more information about Maine’s unclaimed property program CLICK HERE.
Louisiana Voters To Decide Whether To Put Unclaimed Property In Trust
The ballot this November will include another important decision for voters to decide whether to place the unclaimed money and property totals in a trust to protect the assets. This trust will ensure that these funds will always be available to individuals and businesses to claim. This trust is also expected to create over $40 million in revenue for the state budget over the next 20 years.
State Treasurer John Schroder spoke about the importance of this initiative in a recent article:
“My staff and I have worked hard on this issue because I truly believe Unclaimed Property belongs to the people of Louisiana. It should be there whether it takes you two years or 20 years to claim it,” said Schroder. “Putting Unclaimed Property into a trust fund will ensure it’s protected for you. The interest earnings will generate millions of dollars for the state budget. Everyone wins here. Unclaimed Property is your money. Claim it!”
Unclaimed Money Louisiana totals are near $100 million. Last year this state paid out over 38,000 claims totaling over $24 million. One in six residents has money owed to them and the average claim is nearly $900. For More information about Louisiana CLICK HERE.