April 12, 2012
Search for Forgotten Funds in Nevada – Part 1 of 2
(Part 1 of 2)
As of September 2007, Nevada's state treasurer, Kate Marshall stated that the state of Nevada currently holds over $200 million in Nevada unclaimed money which is owed to 700 thousand residents. And despite recent changes in the system, after a lot of criticism in 2006, the Nevada unclaimed property division continues to take in more money than it returns annually.
According the Marshall, the state has increased its unclaimed property returns to 350-700 claims per week. That's not anything to sneeze at, and Nevada's state treasury department is to be praised, but when we consider that at that rate it would take twenty to forty years before they could ever return all claims currently listed, it's nothing to get terribly excited about, particularly once you take in to account the amount of additional money that would come in over those twenty to forty years!!!
This all boils down to the fact that people can't expect NV to reunite them with their money. Residents of Nevada need to take action themselves, if they ever want to be certain that they're searching thoroughly and investigating all potential sources of Nevada unclaimed property. The state has without a doubt stepped up their efforts, but they have a long way to go, and I think we can all agree that we the people are much more efficient than any gov agency could ever hope to be.
The most common types of unclaimed funds are as follows in Nevada: 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, Dividends, Refunds, Insurance Payments, Commissions, Customer Deposits, Gift Certificates. If you or anyone you know has ever held one of these, you should learn the right way to search for abandoned assets.
(to be continued)
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