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Which States Are Giving Back the Most in Unclaimed Money

Recently, Deb Goldberg, the Massachusetts state treasurer, was quoted as saying, “To the New Kids on the Block, you got it, unclaimed property that is. We have the right stuff to get you what’s rightfully yours. Call our office and begin the claims process today.” The story is quite interesting. It seems two band members were owed unclaimed money from the state. The money was among the 46,000 new properties worth millions of dollars in the state.

Interestingly, Jordan Knight challenged the agency to deliver the funds in under a week. If they did, he would donate the funds. That’s exactly what played out on Knight’s Facebook page.

Which Agencies Are Paying Out?

Massachusetts isn’t the state paying out the most. Louisiana State Treasurer John Kennedy reports the agency broke records when it gave back $35.5 million in 2013. That’s the most in the agency’s 42 years.

Many states have millions of dollars in unclaimed property waiting for citizens to request the funds. The money comes from a variety of locations but typically winds up in the state’s hands for disbursement.

Texas Comptroller Glenn Hegar says there is $4 billion worth of unclaimed property waiting. And, in fiscal year 2016 to 2017, the agency returned $281 million to Texans.  In Wyoming, there’s $60 million waiting for citizens to claim it. The state’s largest payout was nearly $1 million in value. Tennessee owes people $819.7 million, all accessible at the ClaimItTN.gov website.

Though it is not clear which state owes the most, many are proactive about getting the funds into the right hands. Individuals must make the first move though. Visiting the state’s treasurer website is often a good place to start. Locate funds from companies, state agencies, insurers, and multiple other sources there.

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