Monday, July 18, 2011

Tip of the Week: Recover Lost Funds

It is sometime surprising how often someone forgets about money that they didn't even know that they had. They leave a job but forget to pick up their last paycheck. They have a small amount of money in a bank account that eventually is considered dormant and closed by the banks. Insurance policies sometimes build up cash value for a child, but the parent forgets to tell said child so the money goes unclaimed with the insurance company.

Eventually, all of this money is transferred to the Unclaimed Property Division of the Michigan Department of Treasury. They hold it until its rightful owner can be identified and the appropriate paperwork is completed.

The challenge is that the Michigan Department of Treasury doesn't have the staff needed to search for the rightful owner of these funds. It's incumbent on each individual to contact them to see if any funds belonging to them have been turned over.

Luckily, this is a simple thing in the Internet Age. One only has to visit their web site and perform a simple search to see if they have any funds belonging to you. I encourage you to visit michigan.gov/unclaimedproperty to see if you have any moneys coming to you. If you do, please don't forget about your favorite blogger, who let you know about all of this.

Checking for unclaimed property is your Warrendale Tip of the Week.
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