It has paid out total claims of more than $1-billion.
Annapolis, Md (KM) A major initiative by a state agency has paid off for many citizens. The Maryland Comptroller’s Office says since it’s beginnings in 1966, the Unclaimed Property Program has paid out more than $1-billion in unclaimed property to citizens.
Comptroller Peter Franchot says when the program began more than 50 years ago, the state paid out 12 claims with a value of $711.48. “Now we’re returning $60-million annually to over 70,000 Marylanders,” he says.
Franchot attributes a lot of success to the hard work of his staff, and the fact that his office makes returning unclaimed property to their owners a top priority.
The Comptroller’s Office says it has a total of 1.3-million unclaimed property accounts which total $1.6-billion.
Unclaimed property include abandoned bank accounts, forgotten insurance claims and the contents of safe deposit boxes. Banks and other companies holding these products can’t find the owners. . “The companies have to turn it over to us. They can’t just put the money in their back pocket,” says Franchot.
Each year the Comptroller’s Office conducts an outreach campaign to get citizens to look over its list of more than 1-million accounts to see if they can find their name, or the name of a family member or friends. :”If that person is relative whose deceased and you are an heir, you can claim that money. If it’s a friend or a neighbor or someone you work with in business, you can contact them if they’re on the list. They can call us or e-mail us,” says Franchot.
He says go to the Comptroller’s website for more information at www.marylandtaxes.gov, and click on the icon.
The Comptroller’s Office will also have booth at the Great Frederick Fair, 797 East Patrick Street, from September 13th through the 21st to help residents locate any unclaimed property
The agency will also be at:
Allegany County Fair
July 13-20
11490 Moss Ave.
Cumberland, MD
Howard County Fair
August 3-10
2210 Fairgrounds Road
West Friendship, MD
Montgomery County Fair
August 9-17
501 Perry Pkwy.
Gaithersburg, MD
Maryland State Fair
August 23-September 2
2200 York Road
Timonium, MD
Prince George’s County Fair
September 5-8
Show Place Arena
14900 Pennsylvania Ave.
Upper Marlboro, MD
Anne Arundel County Fair
September 12-15
1450 Generals Highway
Crownsville, MD
Master Aging Expo
October 19
Howard Community College
10901 Little Patuxent Parkway
Columbia, MD
Power of Age Expo
October 30
Maryland State Fairgrounds
2200 York Road
Timonium, MD
By Kevin McManus