The Unclaimed Money Act in Maryland allows for the public to file a claim for any unclaimed property. This can include intangible properties, Utilities, Businesses, or financial institutions. A claim can be filed with the Maryland Department of Insurance, which has a website that allows you to check the status of your claim.
Businesses
The state of Maryland has made an effort to identify and locate unclaimed property. According to their website, the state of Maryland holds at least $980 million in more than one million accounts. However, that’s just one of the many things Maryland does to ensure that unclaimed property gets into the right hands.
The Comptroller of Maryland is responsible for overseeing the collection and management of unclaimed funds. This includes money from financial institutions and utilities. These funds are stored for life until claimed by their owners.
Aside from holding money in the vault, Maryland also makes an effort to promote the state’s name by participating in various media campaigns. This can include TV, newspaper, and online advertising. One of the perks of being a Marylander is that you can access the state’s Unclaimed Property database at any time.
Financial institutions
If you have an account with a financial institution, chances are you may have unclaimed money. Depending on the state, this can be any number of assets, including cash, insurance benefits, and dividends. This information can be tracked at any time by visiting the state’s unclaimed property office.
The Comptroller of Maryland says it has hundreds of millions of dollars in records. In addition to holding money from businesses, it also receives money from utilities and real estate. It also uses publicity campaigns to locate owners.
According to the Comptroller, it has over one million accounts with unclaimed money, worth $980 million. Financial institutions are required to report such unclaimed funds. They may be required to escheat the asset to the state or local government.
Utilities
There are plenty of reasons to claim a spot at the aforementioned table. Among them is the fact that the state of Maryland has some of the most generous energy and water providers in the country, and the best part is they don’t discriminate against consumers.
In addition to a healthy customer service staff, they also offer a host of incentives to keep customers loyal. For instance, they allow you to transfer funds to another provider for a small fee, and in some cases they will waive your annual bill for a certain number of years.
They will also reimburse you if your account goes overdue. This is not to mention their slick billing system and streamlined customer service representatives. Plus, they have a decent stockpile of electricity and gas.
Intangible property
Unclaimed money is a bit of a misnomer. It is not a tangible asset but rather an intangible property. While not all intangible property is taxable, some may be.
For example, a company might write off the cost of creating a musical composition as an intangible. This is the same for copyrights and patents.
Likewise, social capital is a great example of an intangible asset. The same goes for a company’s research and development efforts. There is a definite value in these items, but the valuation can be hard to pinpoint.
In addition, there are unclaimed property laws. These laws can be used to take control of unused property and raise state revenue. Some examples of unclaimed property are stock certificates, utility deposits, court deposits and uncashed checks.
How to file a claim
Unclaimed money in Maryland is an issue that can affect many people. Often, these people don’t know they have money they can claim. They might have a money order or a certified check, for instance, but don’t know how to file a claim. Fortunately, there are ways to find this money and claim it.
You can start by checking the state’s unclaimed property database. The Office of the Comptroller of Maryland is an organization that helps people search for unclaimed properties. This is a free service.
Before you can file a claim, you will need to complete a form. There are several parts to the form, and you can download a copy from the office’s website. Each part of the form asks for information about you and your relationship with the person you are filing for.
Also Read: