Michigan State Claims Billions in Missing Money
Michigan State Treasury houses billions in missing money. The Michigan Department of Treasury has reported this missing money is generally comprised of dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates.
By law, these funds and assets are handed over to the state treasury once the owner fails to claim them. The Michigan Department of Treasury acts as the custodian of these funds and assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed.
On March 28, 1996, the Uniform Unclaimed Property Act came into existence and Michigan State Treasurer is the administrator of this act. This law upholds the right to ownership of the missing funds or assets of the residents, and provides for the reporting and disposition of the unclaimed property.
According to the State Treasurer’s office, “The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state, as required by law. The Michigan Department of Treasury is the custodian of these assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed. ”
As Michigan is a ‘custodian state’, residents can claim for the unclaimed funds any time after the discovery of their missing money. In a report on MI unclaimed property by ABC’s WZZM 13, the Michigan State Department of Treasury’s Gonzalo Llano said “The funds stay here forever until they are claimed by either the property owner or their heirs should the property owner be deceased,” Michigan Treasury is advising all the current and previous residents to search the state as well as accredited private databases to locate their missing money.
Michigan isn’t the only state facing large amount of unclaimed money. Almost ever state in the U.S. Is sitting on this problem as well, along with most Americans have some form of unclaimed funds waiting for them.