Unclaimed property refers to financial assets that have been abandoned or forgotten by their rightful owners for a certain period.
In Maryland, if an account at a financial institution or business shows no activity for three years, the property in that account is considered unclaimed and must be reported to the state. This article will delve into what unclaimed property is, how it becomes unclaimed, and the steps you can take to recover it in Maryland.
Understanding Unclaimed Property
Unclaimed property includes a wide range of financial assets that remain dormant or unclaimed by their owners. These assets can come from various sources, such as bank accounts, uncashed checks, insurance benefits, stocks, bonds, utility deposits, and more. When there is no activity or contact with the owner for a specified period, these assets are deemed unclaimed and are turned over to the state’s unclaimed property office.
How Property Becomes Unclaimed in Maryland
In Maryland, financial institutions and businesses are required by law to report any accounts or checks that have been inactive for three years. This period, known as the dormancy period, applies to a wide range of assets, including:
- Savings and checking accounts
- Uncashed payroll checks
- Refunds and overpayments
- Insurance proceeds
- Utility security deposits
- Stock dividends
- Safe deposit box contents
Once the dormancy period has elapsed, the financial institution or business must report the unclaimed property to the Maryland Comptroller’s Office, which then takes custody of the assets until the rightful owner claims them.
The Role of the Maryland Comptroller’s Office
The Maryland Comptroller’s Office is responsible for collecting and safeguarding unclaimed property. The office maintains a comprehensive database of unclaimed assets, making it easy for individuals to search for and claim their property. The state actively encourages residents to check for unclaimed property through regular outreach and public awareness campaigns.
How to Search for Unclaimed Property in Maryland
Finding out if you have unclaimed property in Maryland is a straightforward process. Here are the steps you can take:
- Visit the Maryland Comptroller’s Website: The Maryland Comptroller’s Office provides an online search tool that allows you to search for unclaimed property by entering your name or the name of a deceased relative.
- Enter Your Information: Input your name and any other required details into the search tool to see if there are any unclaimed assets in your name.
- Review the Results: If your search yields results, review the details of the unclaimed property to verify that it belongs to you.
- File a Claim: If you find property that belongs to you, follow the instructions to file a claim. This typically involves providing proof of identity and documentation linking you to the unclaimed property.
Claiming Your Unclaimed Property
Once you have identified your unclaimed property, the next step is to file a claim with the Maryland Comptroller’s Office. Here’s how you can do it:
- Complete the Claim Form: Fill out the claim form provided on the Maryland Comptroller’s website. Ensure that all information is accurate and complete.
- Submit Required Documentation: Submit the necessary documents to prove your identity and your right to the property. This may include a government-issued ID, proof of address, and any documents that link you to the unclaimed asset.
- Wait for Processing: The Comptroller’s Office will review your claim and documentation. This process can take several weeks to months, depending on the complexity of the claim and the volume of claims being processed.
- Receive Your Property: Once your claim is approved, you will receive your unclaimed property, usually in the form of a check or direct deposit.
Why You Should Check for Unclaimed Property
Checking for unclaimed property is important because it can help you recover money or assets that rightfully belong to you. Many people are unaware that they have unclaimed property, which can result from forgotten bank accounts, uncashed checks, or overlooked insurance benefits. By regularly checking for unclaimed property, you can ensure that you reclaim what is yours.
For more detailed information on how to find and claim unclaimed property in Maryland, check out this helpful guide:
Unclaimed property in Maryland represents an opportunity to recover assets that may have been forgotten or overlooked. By understanding what constitutes unclaimed property, how it becomes unclaimed, and the steps to recover it, you can take proactive steps to reclaim what is rightfully yours. Regularly checking the Maryland Comptroller’s website and filing claims for any unclaimed property can help you ensure that no assets are left unclaimed.