The state Comptroller’s Office usually comes after you for money. But this time, they're trying to give it away and million of Marylanders are missing out. ABC2 News Joce Sterman explains how you can get your hands on some forgotten treasures.
You could consider it the state's lost and found. From a treasured Jim Palmer baseball card to a shining silver tea set, a stash of forgotten treasures and cash are being held as we speak by Maryland Comptroller Peter Franchot. But here’s the catch, it really belongs to you. Franchot says, "I owe you money. I'm holding it for you. Please come and get it."
But the problem is, many Marylanders just don't know. In fact, the state's Unclaimed Property Division is holding nearly $800,000,000 in assets for 787,000 Marylanders. Franchot estimates that approximately one in six in the state are owed money, “This is very much like the lottery except you have a much better chance of winning."
And it would be winning back money you might not even know you're owed. It comes from things like stocks dividends, insurance payouts and safe deposit boxes that get turned over to the state if you can't be found. But we decided to try, to hunt down Marylanders who made the list.
We started matching names and addresses from the state database to other records we found on the internet. Then we made calls and even went door to door to let dozens of people know they could be in for a payday if they only ask for their cash. Kelly Bonsack’s family was one of the ones we contacted. After our call she told us, “I was hoping it was a lot of money."
Bonsack soon found out her family was were owed more than $100 from an insurance company. It had been sitting on the unclaimed property shelf since 2004, a fact that upset Bonsack. She tells ABC2, "I think you need to make a better attempt in notification, in tracking people down."
But the Comptroller's office tries many ways to track people down, including a directory they publish every year. Inside you'll find nearly 54,000 names on 127 pages. The folks listed are owed a whopping $38,000,000 and that’s just the new accounts added to the list since last year.
Tamarra Eaton is the Manager of the Unclaimed Property Unit. Her office is charged with the gigantic task of trying to return the money and stuff that’s handed over. She says, "I don't think of it as overwhelming. It's challenging and a responsibility."
The state believes it’s a responsibility to return what rightfully belongs to you. The cash value of the items they’re given is yours forever, but the state uses the money in the meantime. And the Comptroller even auctions off some of the assets on ebay if the owner isn't found after a year. Franchot tells us, "If it's theirs and we sold it on ebay, we'll still give them their money."
And all of money that could be yours can be found with a simple web search. All you have to do is check the database for your name. If your name is listed, you should contact the Comptroller’s Unclaimed Property division. Their office fields as many as 7,000 inquiries a month and sends out checks to as many as 40,000 people a year. This year, with our help, Kelly Bonsack will be one of them. She says, "I think it's great. I'd like for you to contact more people. I think there are people who are well deserving of the money, who could use the money. It's their money."
