ANNAPOLIS, MD (May 16, 2007) - Comptroller Peter Franchot today announced that nearly 14,000 people found lost money in this year's unclaimed property advertising campaign. The initiative generated about 20,000 calls with 70 percent of callers netting a windfall.
"I'm pleased with the success of this year's campaign but encourage all Marylanders to keep visiting www.marylandtaxes.com to see if their name appears on our rolls in the future," said Comptroller Franchot. "We current hold approximately 715,000 accounts worth more than $580 million."
Financial institutions, utilities, insurance companies and other corporations are required to report to the Comptroller any bank accounts, security deposits, wages, insurances benefits and contents of safe deposit boxes that have been unclaimed after three years. Funds remain the property of the owners or their legitimate heirs and can be claimed anytime. There is no statue of limitations.
Once a year, the agency publishes the list of its most current account holders in newspapers across the state. This year's 80-page insert listed more than 74,000 new accounts, totaling over $50 million. Throughout the year, the average claim brings in about $1,200 for the recipient.
In addition to reaching citizens through the newspaper supplement and at community events such as the Maryland State Fair, the Comptroller's Office also auctions unclaimed property items online through eBay. Recently, the Comptroller announced that the agency's online auction program for abandoned safe deposit items has brought in more than $100,000 in sales since it began in July 2006.
"Our office has done a great job of reaching out to the public and the response back has been tremendous. We will continue to be out and about across the state promoting this program so people can find out whether they have some hidden treasures waiting to be claimed," said Comptroller Franchot.
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******TO SEE IF YOU HAVE ANY UNCLAIMED PROPERTY, CALL: 410-767-1700
MEDIA CONTACT ONLY: Christine Duray, 410-260-6346 (office), 443-336-0215 (cell)
