(Part 1 of 2)
As of Sept., NV's state treasurer, Kate Marshall stated that the state of NV currently holds more than $200 million in Nevada unclaimed money which is owed to 700,000 Nevadans. And despite recent changes, after a lot of criticism in 2006, the NV unclaimed funds program continues to take in more money than it returns each yea.
Marshall notes that Nevada has increased its unclaimed funds returns to 350-700 claims per week. That's not anything to sneeze at, and NV's state treasury department is to be praised, but when you consider that at that rate it would take twenty to forty years before they would ever return all current claims, it is nothing to get terribly excited about, especially once you take in to account how much more additional money would be turned in over those twenty to forty years!!!
The fact is that people can't rely on the Nevada to reunite them with their assets. Residents of Nevada need to take matters in to their own hands, if they ever want to be sure they're thoroughly searching and exploring all potential sources of NV unclaimed funds. The state has without a doubt increased their efforts, but there is a long way to go, and I believe we can all agree that we the people are much more efficient than any government agency will ever be.
The following are the most common types of unclaimed property in NV: Stocks, Checking/Savings Accounts, Death Benefits, Vendor Checks, Over-Payments, Paid-in-full Life Insurance, Certificates of Deposits, Unpaid Wages, Uncashed Checks, Credit Balances, Money Orders, Refunds, Dividends, Commissions, Insurance Payments, Gift Certificates, Customer Deposits. If you or anyone you know has ever had any of these, you owe it to yourself to learn the correct way to search for abandoned assets.
Each of the different types of unclaimed money sources listed above has its own unique dormancy period. This is the amount of time that have to go by before the abandoned money is considered "unclaimed" and turned over to the state. Depending on the type of asset, the dormancy period may be anywhere from one to fifteen years. The reason this is important to know is because traditional internet searches will not show a record unless the dormancy period has passed, and the state has taken control of your cash.
Aside from the fact that the dormancy period has to pass before there can be any type of online record of your assets, there is also the matter of how often NV updates their unclaimed funds listing. Listings are not updated on a daily basis, so you can't be confident in your search results if you look and do not locate anything one day, and the state just happens to not add your record until the next day, week, month, or year. This is why rule #1 of locating missing money is to search frequently.
(to be continued)
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