Friday, April 22, 2011

not so safe deposit boxes

The 50 U.S. states are holding more than $32 billion worth of unclaimed property 
that they're supposed to safeguard for their citizens. 
But a "Good Morning America" investigation found some states aggressively seize property 
that isn't really unclaimed and then use the money -- your money -- to balance their budgets.

Unclaimed property consists of things like: 
- forgotten apartment security deposits,
- uncashed dividend checks 
and 
- safe-deposit boxes abandoned when an elderly relative dies.

Banks and other businesses are required to turn that property over to the state for safekeeping. 
The problem is that the states return less than a quarter of unclaimed property to the rightful owners.

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