January 26, 2012
Locate WA Unclaimed Money – Part 1 of 2
(Part 1 of 2)
The state of WA is home to some of the world wide web's biggest names. Even Bill Gates, the United States' wealthiest man, hails from Medina, WA Microsoft, his company, is based in Redmond. Classmates.com, Whitepages.com, Amazon.com and Marchex also make WA their home. The fact then that over 1.5 million residents are owed an excess of $700 million in unclaimed property in WA State is ironic, considering that searching for unclaimed money and property can be done on the web from the comfort of their home or even the local Starbucks.
According to the WA State Department Of Revenue site, typical unclaimed property includes abandoned mutual funds, uncashed payroll, utility and phone company deposits, traveler's checks, insurance, insurance proceeds, bank accounts, bonds, stocks, safe deposit box contents, and other financial assets. Unclaimed money doesn't include most tangible assets such as vehicles and real estate. State Law requires government entities, retailers, corporations, and utilities, insurance companies, banks, credit unions to turn WA unclaimed money and property over to the state if the rightful owners cannot be located after three to five years (depending on the item). The State's Unclaimed Money Law states: "State law protects unclaimed property until it can be returned. There is no time limit for filing a claim and rightful owners or their heirs can claim property reported since 1955. The state may auction the content of safe deposit boxes, however, if not claimed within five years."
(to be continued)
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$1.5B in
The
REGION: County lays claim to unclaimed money
RIVERSIDE —- Riverside County officials moved Tuesday to deposit $1 million in unclaimed property tax refunds and $350,000 in other unclaimed money into the government's general fund.
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