Unclaimed Money KY: After a period of time, all unclaimed money becomes the responsibility of the government. Each year, it amounts to millions of dollars. If you are willing to take the time to search for it, some of this money could be yours.
It’s easy to find out if you owe money. UnclaimedMoney makes it easy to get the money.
What is Unclaimed Money in Kentucky?
Unclaimed money refers to any money that is not claimed within a specified time period. The time period between asset abandonment and government control is called a dormancy.
Banks and companies have an obligation to inform the owners about their rights to claim money or property.
If the efforts prove futile, the financial institution that holds the funds must notify the Kentucky Treasury Unclaimed Property Division. The state will take custody if nobody claims the property within the three-year waiting period.
According to the Kentucky State Treasury, there is more than 400 million dollars of unclaimed money. It is easy to find out if some of this money belongs to you by following these steps.
How can money go unclaimed in Kentucky?
It is hard to believe that the unclaimed money in the United States is a scam when you consider the amount of money left unclaimed. It is possible for people to not know they have money and forget to claim it.
This happens quite often since Kentucky doesn’t have enough resources to find every person with unclaimed money.
There are many reasons why you might not claim money.
- If a person moves, they don’t need to update their tax authorities or previous landlord about their new address.
- If a company goes bankrupt, they don’t provide correct information about pension checks
- Customers don’t know where to go to get their money if a bank closes.
- People quit their jobs, but don’t get their last paycheck.
- Because the insurance company is unable to locate the beneficiaries, some people don’t know the deceased loved one’s life insurance policy information.
How to Stay Safe from Unclaimed Money Scams
A mysterious email or phone call letting you know that you have unclaimed funds can help you get by with your monthly paycheck. This can lead to you disclosing personal information such as your name and a social security number. You could then fall prey to a fraudster.
It is possible to be tempted to chase unclaimed money. How can you protect yourself against fraudulent activities?
- Do not give out personal information lightly. Although it might seem tempting to accept a promise of thousands of dollars, it is best to do your research and ask for specific information.
- Keep informed. The state unclaimed property officers are not required to notify anyone about their unclaimed assets. You will need to do the research to determine that.
- Do not pay to be able reclaim the funds. It is easy to spot a scammer by asking for money to recover your assets
What is the time limit for claiming lost money in Kentucky?
There is no time limit to claim Kentucky’s lost funds. The money will be held by the State Treasury until you discover about it and decide whether to claim it. The State Treasury Department attempts to reach the owners and inform them about their missing funds in a variety of ways. This includes publishing annual advertisements that list property owners, as well as organizing outreach efforts at fairs, malls and state conventions.
Since none of these methods guarantee success, we recommend you take control. It is possible to be hesitant about doing it, or fear that it will prove costly. You have free access to the Kentucky state’s unclaimed funds database. We’ll show you the fastest and most efficient way to access the database and locate your missing funds.