A Personal ‘Stimulus Check’ Might Be Waiting For You At Nevada Unclaimed Property Fund
Submitted by Nevada News Bureau on Wed, 05/18/2011 - 1:14pm
CARSON CITY – I checked with high hopes, but alas, my dreams of finding a pot of gold did not materialize. Maybe you will have better luck.
The state has $490 million sitting around that it wants to return to its rightful owners.
In an effort to get the money to the people, the Unclaimed Property Division, operated by the Nevada State Treasurer’s Office, is advertising in 17 newspapers across the state over the next few weeks.
The campaign, which cost about $160,00 last year and saw 81,598 names advertised, began today with an ad in the Las Vegas Review-Journal. Ads will be running in northern Nevada towards the end of May or early June.
The advertisements will list the last known names and addresses of people whose abandoned property was reported to the Unclaimed Property Division between March 2010 and April 2011.
Mary McElhone, deputy treasurer for unclaimed property, said after last year’s campaign, about $3.2 million was paid out in June, compared to $1 million to $2 million in an average month.
“A lot of people think that advertising in the newspaper is a bit old fashioned and it’s not very effective,” she said. “But trust me, when those newspaper ads go out in the 17 different newspapers throughout the state, our phones ring off the hook.”
Abandoned property can be any financial asset owed to a business or an individual. Property is considered abandoned when there has been no activity or contact with the owner for a specific period of time. The property type will determine the abandonment period; however, it is generally three years.
Examples of abandoned and unclaimed property include: bank accounts; uncashed payroll checks, insurance checks, traveler’s checks; utility deposits; gift certificates; stocks, bonds, mutual funds, dividends; insurance policy benefits, or claim payments; safe deposit box contents; oil and gas royalties; and court deposits. It does not include real estate or land, automobiles, boats, taxes, or most other tangible properties.
It does not include money that may be owed to individuals from the federal government, such as an IRS refund.
McElhone said the state’s unclaimed property fund benefits from the fact that one of Citibank’s divisions is incorporated in Nevada. Money belonging to the company’s customers from around the world ends up here when the owners cannot be identified. The company turned over $36 million in unclaimed property this year, she said.
“What happens with unclaimed property is it always goes to the state of the owner’s last known address,” she said. “And then, if there is no known address, or in the case of foreign individuals, it ends up in the state of incorporation.”
The money is held in trust for the rightful owners in perpetuity, McElhone said.
“You never lose your right to claim the property,” she said.
Besides reviewing the newspaper section containing the latest names and addresses, the Unclaimed Property Division also recommends that Nevadans use its online search engine to find missing or abandoned property that could be your own personal economic stimulus package.
Audio clips:
Mary McElhone, deputy treasurer for unclaimed property, says the newspaper advertising campaign is successful in returning money to its rightful owners:
051811McElhone1 :17 off the hook.”
McElhone says the incorporation of a Citibank division in Nevada has brought in large amounts of unclaimed property to the state:
051811McElhone2 :13 state of incorporation.”
