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Living on a Budget
by Caroline E. Mayer, AARP Bulletin, - May 13, 2008
Looking for found money? As long as they were originally meant for you, funds that somehow got lost in the financial system—the mail, the banks, the change-of-address whirlagig—may still be waiting. The National Association of Unclaimed Property Administrators, mostly state treasury officials, hold $32.8 billion as Unclaimed Property—assets considered abandoned after several years when the owner can’t be located. They include stocks, uncashed dividend checks, life insurance proceeds, abandoned bank accounts and safe deposit boxes. In 2006, more than $1.7 billion in previously “lost” funds were distributed.
To find out if any of these assets have your name on them, go to missingmoney.com or unclaimed.org. Make sure you use the right address—some look-alikes charge fees.
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