Md. Comptroller calling on Marylanders to check for unclaimed property
MARYLAND – The Comptroller’s office is asking you to check and see if you’re entitled to any unclaimed property. Unclaimed property can include checking accounts, life insurance policies, or safety deposit boxes that have been left inactive for at least three years. Under state and federal law, that unclaimed property must be turned over to the state to hold for the rightful owners.
Comptroller Peter Franchot says not all states offer programs like this to their residents. “Other states sit on their money and push a basket over it, and don’t really advertise and market that it’s there. So, if it remains unclaimed, I assume that’s beneficial to their state budgets,” said Comptroller Franchot.
Right now, Comptroller Franchot says the state has about 1.1 million unclaimed property accounts, totaling about $1.9 billion. “Rather than just letting that be put into coroporate pockets for profit, the state and federal government rightly says that has to be turned over. We have to return it to the rightful heirs,” said Comptroller Franchot.
If you’d like to check in and see if you’re entitled to any unclaimed property, the process is easy. Log onto MarylandTaxes.gov, and click the unclaimed property icon – or click here. There you can scroll through and search all of those accounts to see if you’re due to get some cash. Comptroller Franchot says you must be able to prove that you are the rightful owner of the unclaimed property before you receive it.