(Part 2 of 2)

The state then holds on to the forgotten funds and abandoned assets for safekeeping until the true owners step forward to claim them. The government is required by law to exert efforts in finding residents who are owed money and Treasurer Spaulding has actually been able to reunite some of the unclaimed money in Vermont with their jubilant owners.

In Vermont, the average unclaimed money value is approximately $750. Many individual claims are for less than $50, but there have been windfalls for some people. A former teacher was shocked with $150,000 from forgotten stocks her husband bought in the 1960's. Even state agencies are on the Vermont unclaimed money list. The state Transportation Agency has $60.87 from three different accounts and Vermont Senate President Peter Shumlin is owed missing money by the state. Even members of the rock group Phish have unclaimed money coming to them. The highest unclaimed account so far is for the massive amount of $980,000 waiting for the lucky Vermonter to step forward and claim. "In this case, it must be a fairly extraordinary person," Spaulding comments "There appears to be unclaimed property in the same name in other states. We seem to have determined she's very likely deceased with no will and no identified heirs."

According to the Treasurer, "Unclaimed property refers to accounts in financial institutions, companies, non-profits, even state governments that are some kind of financially related property, whether it's a tax rebate or a savings account or travelers checks, or gift certificates, insurance policies. And when the institution, whether it's a private or public entity, loses contact with the person whose property it is, for a certain number of years, usually it's three or five years, they turn it over to the state to try to find the rightful owners. Every state has an unclaimed property office, and there are some easy ways for people to search and find out whether a particular state has something for them."

Spaulding also cautions his state's residents against individuals who may try to take a large chunk of their money by offering to help them track down their unclaimed money for a fee. Under Vermont Unclaimed Money Law, it is illegal for unclaimed money finders to charge more than 10% on cash found in the state of Vermont. Doing an unclaimed money search yourself is the optimal way to go – it's a fairly simple process, once you know where and how to search.

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