Released: August 11, 2008

Cash strapped states quicker to grab unclaimed funds

Source: Lisa Cupido Fogarty, USA Today

Faced with swelling budget deficits, a growing number of states are taking control of unclaimed property — such as bank accounts and traveler’s checks — sooner.
Generally, states can seize abandoned property if the owners fail to claim it after a specified period that varies by state.

States collected $5.2 billion in unclaimed property in 2006, up 33% from 2003, after adjusting for inflation, figures from Delaware, Pennsylvania and the National Association of Unclaimed Property Administrators show.

Read Full Article: Cash strapped states quicker to grab unclaimed funds